The adjusting entry for the insurance policy would include

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Reference no: EM131262458

A one-year insurance policy was purchased for $2,000. Three months have passed since the purchase.

The adjusting entry for the insurance policy would include a:

debit to Prepaid Insurance for $500

debit to Insurance Expense for $1,500

credit to Insurance Expense for $1,500

credit to Prepaid Insuarnce for $500

Reference no: EM131262458

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