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Posted on Jul 30, 2024

25. Moe compant paid $12,000 cash in advance for a one-year insurance policy on August 1,2012. The appropriate adjusting entry on December 31, 2012, will

A. Decrease assests by $12,000

B. Decrease equity by $7,000

C. Increase liabilities by $7,000

D. Decrease equity by $5,000

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