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The prepaid insurance account had a balance

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The prepaid insurance account had a balance of $5,400 at the beginning of the year. The account was debited for $6,000 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations: 

(a) The amount of unexpired insurance applicable to future periods is $1,000; 

(b) The amount of insurance expired during the year is $10,400.

Reference no: EM131127406

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