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Journalize the adjusting entry required at the end of year

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Adjustment for Prepaid Expense

The prepaid insurance account had a beginning balance of $6,770 and was debited for $3,050 of premiums paid during the year.

Problem 1: 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: EM132750739

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