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On April 1, Barnes Company paid $9.000 for two years of insurance in advance. On April 1, Barnes Company debited Insurance Expense, which is an

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On April 1, Barnes Company paid $9.000 for two years of insurance in advance. On April 1, Barnes Company debited Insurance Expense, which is an alternate way of recording the initial expenditure. Required: Journalize the adjusting entry on December 31. Data Account Title Debit Credit Dec 31

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