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Deferred (Prepaid ) Expenses On December 1, 2016 Isaiah Company paid $12,000 for insurance to cover the period December through May, 2017 Isaiah recorded the

Deferred (Prepaid ) Expenses On December 1, 2016 Isaiah Company paid $12,000 for insurance to cover the period December through May, 2017 Isaiah recorded the expenditure as Prepaid Insurance on December 1, 2016. What adjusting entry is required? Let's use our "t-account to analyze this problem better

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