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On Dec 31, 2019, Tyge, Inc. prepaid $8,000 of insurance for Jan through Dec. 2020. On Dec. 31, 2019, when Tyge, Inc. made this payment

On Dec 31, 2019, Tyge, Inc. prepaid $8,000 of insurance for Jan through Dec. 2020. On Dec. 31, 2019, when Tyge, Inc. made this payment they debited expensed it by mistake.

1. Tyge, Inc. realizes its error in 2020. What journal entry would they make to correct current account balances? (Ignore tax effects)

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