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Journalize the adjusting entry required

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Reference no: EM133100811

Question - Adjusting Entries for Prepaid Insurance - The balance in the prepaid insurance account, before adjustment at the end of the year, is $9,440.

Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:

a. The amount of insurance expired during the year is $7,170.

b. The amount of unexpired insurance applicable to future periods is $2,270.

Reference no: EM133100811

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