An examination of the prepaid Insurance account shows a balance of $10,280 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for the period under the following independent assumptions:

1. An examination of the insurance policies shows unexpired insurance that cost $4,935 at the end of the period.

2. An examination of the insurance policies shows insurance that cost $1,735 has expired during the period.

1. You need to calculate the difference between the 2 amounts. This is your insurance expense amount.

2. The amount is given to you.

The journal entries will be: Debit Insurance Expense for the amount and Credit Prepaid Insurance for the amount.

Thanks so much for your help and time.

Can you show me how to record of Unexpired insurance?

The unexpired insurance amount will be the amount in Prepaid Insurance at the end of the acounting period after the adjusting entries have been made.