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Adjustment for prepaid expense The prepaid insurance account had a beginning balance of $ 6 , 0 0 0 and was debited for $ 1

Adjustment for prepaid expense
The prepaid insurance account had a beginning balance of $6,000 and was debited for $12,500 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 $13,000. If an amount box does not require an entry, leave it blank.
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