On April 1, 20X6, Rural Insurance Company sold a one-year insurance policy covering the year ended April

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On April 1, 20X6, Rural Insurance Company sold a one-year insurance policy covering the year ended April 1, 20X7. Rural collected the full $2,700 on April 1, 20X6. Rural made the following journal entry to record the receipt of cash in advance:

Nine months have passed, and Rural has made no adjusting entries. Based on these facts, the adjusting entry needed by Rural at December 31, 20X6, is:

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