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On June 1, Hayes company paid $12,000 for two years of insurance in advance. On June 1, Hayes Company debited Insurance Expense, Which is an

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On June 1, Hayes company paid $12,000 for two years of insurance in advance. On June 1, Hayes Company debited Insurance Expense, Which is an alternate way of recording the initial expenditure. Required: Journalize the adjusting entry on December 31

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