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Adjusting Journal Entries Scenario: An insurance premium of $1,200 was paid on July 1, 2022 and recorded as a debit to prepaid insurance and a

Adjusting Journal Entries Scenario: An insurance premium of $1,200 was paid on July 1, 2022 and recorded as a debit to prepaid insurance and a credit to cash. What adjusting journal entry should be made at the reporting year-end of December 31, 2022?

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