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A company paid $ 1 0 , 0 0 0 for insurance on January 1 for a one - year policy. At the end of
A company paid $ for insurance on January for a oneyear policy. At the end of June, what is the correct adjusting entry?
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Debit Prepaid Insurance $ Credit Insurance Expense $
Debit Insurance Expense $ Credit Prepaid Insurance $
Debit Prepaid Insurance $ Credit Insurance Expense $
Debit Insurance Expense $ Credit Prepaid Insurance $
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