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Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, Is $16,400 uired under each

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Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, Is $16,400 uired under each of the following alternatives for determining the amount of the adjustment a. The amount of insurance expired during the year is $12,460. b. The amount of unexpired insurance applicable to future periods is $3,940

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