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On August 1, Red Company purchased an insurance policy for one year's coverage for $6,000. There was no previous balance in Red's Insurance account. Red

image text in transcribed On August 1, Red Company purchased an insurance policy for one year's coverage for $6,000. There was no previous balance in Red's Insurance account. Red prepares its financial statements on Dec. 31. Should Red adjust (update) the Insurance account? If so, prepare the appropriate adjusting entry. If not, leave the cells blank

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