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Adjustment for Prepaid Insurance CDE2. On January 2, Garret's Automotive Company purchased a 12-month insurance policy for $1,200 cash. Required a. Prepare the general journal

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Adjustment for Prepaid Insurance CDE2. On January 2, Garret's Automotive Company purchased a 12-month insurance policy for $1,200 cash. Required a. Prepare the general journal entry required on January 2 to record the purchase of the policy. b. Prepare the adjusting entry required on January 31 to record January's insurance expense

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