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Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $8,880 and was debited for $5,240 of premiums paid during the year.

Adjustment for Prepaid Expense

The prepaid insurance account had a beginning balance of $8,880 and was debited for $5,240 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 $4,660.

	Insurance Expense
	Prepaid Insurance

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