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Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $3,510 and was debited for $1,610 of premiums paid during the year.
Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $3,510 and was debited for $1,610 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is 51,430. If an amount box does not require an entry, leave it blank
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