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4 . Assume that the prepaid insurance account has an $ 8 4 7 debit balance at the end of an accounting period before the

4. Assume that the prepaid insurance account has an $847 debit balance at the end of an
accounting period before the adjustment for insurance expired and give the required year-end
adjusting entry under each of the following unrelated assumptions:
a. An examination of insurance policies shows $621 of insurance expired.
b. An examination of policies shows $325 of unexpired insurance.

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