An examination of the Prepaid Insurance account shows a balance of $4,1 12 at the end of
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An examination of the Prepaid Insurance account shows a balance of $4,1 12 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for the period under the following independent assumptions:
1 . An examination of the insurance policies shows unexpired insurance that cost $1,974 at the end of the period.
2. An examination of the insurance policies shows that insurance that cost $694 has expired during the period.
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