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On July 1, 2012, Ryan Company paid the premium in advance on a one-year insurance policy on equipment in the amount of $6,000. At that

On July 1, 2012, Ryan Company paid the premium in advance on a one-year insurance policy on equipment in the amount of $6,000. At that time, the full amount paid was recorded as prepaid insurance. On December 31, 2012, the end of the accounting year, Ryan Company would be required to record an adjusting entry that would include a

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