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On January 1, 2020. Peach Company purchased a five-year insurance policy for $5,000. If the cost was debited to Prepaid Insurance, the adjusting entry at

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On January 1, 2020. Peach Company purchased a five-year insurance policy for $5,000. If the cost was debited to Prepaid Insurance, the adjusting entry at the end of 2020 is O a Debit Prepaid Insurance, $1,800, credit Cash, $1,800

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