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On August 1, LLC, Inc. purchased a 12-month insurance policy for $6,000. LLC prepares its financial statements on Dec. 31. The adjusting entry required to

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On August 1, LLC, Inc. purchased a 12-month insurance policy for $6,000. LLC prepares its financial statements on Dec. 31. The adjusting entry required to update the Insurance General Ledger account is a debit to and a credit to in the amount of: Insurance, Insurance Payable, 55,000 . Insurance, insurance Expense, $5,000. Insurance Expense; insurance; $2,500, there is no adjusting entry required

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