5. For each of the following insurance policies perform the required calculations: A. Calculate the value of the prepaid insurance at the year-end date shown. B. Prepare the adjusting journal entry for the year end shown. Policy a. b. C. Purchase date Oct. 1, 20-4 Oct. 1, 20-4 Oct. 1, 20-4 Year-end date Dec. 31, 20-4 Dec. 31, 20-5 Oct. 31, 20-4 Term of policy I year 2 years 1 year Premium $360 $360 $456 Policy d. e. f. Purchase date Mar. 1, 20-1 June 1, 20-6 July 1, 20-4 De Year-end date Dec. 31, 20-1 June 30, 20-6 Dec. 31, 20-5 Term of policy I year 1 year Premium $720 $900 2 years $1080 ANSWERS TO SECTION 9.1 EXERCISES (cont.) Exercise 5, p. 309 A. a. b. C. d. e. f. Total number of months of insurance used as of the designated year-end Total number of months of insurance unused as of the designated year-end Value of the prepaid insurance at the designated year-end