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Assume the balance in Prepaid Insurance is $2,500 but it should be $1,500. The adjusting journal entry should include which of the following? a. Debit
Assume the balance in Prepaid Insurance is $2,500 but it should be $1,500. The adjusting journal entry should include which of the following? a. Debit to Insurance Expense for $1,000. b. Debit to Insurance Expense for $1,500. c. Credit to Insurance Expense for $1,000. d. Debit to Prepaid Insurance for $1,000
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