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During the first year of operations, insurance premiums of $119,400 were paid. at the end of the year, unexpired premiums totaled $9,175. journalize the adjusting


During the first year of operations, insurance premiums of $119,400 were paid. at the end of the year, unexpired premiums totaled $9,175. journalize the adjusting entry at the end of the year, assuming that (a) prepaid expenses were initially recorded as assets and (b) prepaid expenses were initially recorded as expenses.

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