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Know how to prepare adjusting journal entries including prepaid insurance, depreciation. Prepaid insurance: on October 1,2016 we paid $1200 to prepay our insurance for 6

Know how to prepare adjusting journal entries including prepaid insurance, depreciation.
Prepaid insurance: on October 1,2016 we paid $1200 to prepay our insurance for 6 months a $200 per month. Make the necessary adjusting journal entry on Dec 31

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