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At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $5,040 and Insurance Expense of $0. The insurance was purchased on

At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $5,040 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: Prepare the adjusting journal entry on December 31. Post the beginning balances and adjusting entries to the following T-accounts

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