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LO 4.2 and LO 4.3 Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years coverage, in the amount

LO 4.2 and LO 4.3Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided:

  1. Make the December 31 adjusting journal entry to bring the balances to correct.

  1. Show the impact that these transactions had.

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