What are the accounting journal entries to record a prepaid expense?

Dr. Prepaid expence (balance sheet)

Cr. Expense (income statement)

e.g. you have already paid $1200 insurance, but at year end still have six months to go until you have to renew your premium.

You would have expensed the full $1200 - now you need to remove the unused (prepaid) portion.

Dr. Prepaid expense $600

Cr. Insurance $600