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Find and journalize adjusting entry required at end of year

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Adjustment for Prepaid Expense

Problem 1: The prepaid insurance account had a beginning balance of $6,770 and was debited for $3,050 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $3,830

Reference no: EM132763073

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