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On March 1, 2023, a company purchased a new two-year (24 month) insurance policy for $6,000. This transaction was initial recorded as prepaid insurance. What

image text in transcribed On March 1, 2023, a company purchased a new two-year (24 month) insurance policy for $6,000. This transaction was initial recorded as prepaid insurance. What is the required adjusting journal entry at year-end, assuming a December 31 year-end? The unadjusted trial balance shows the following: Prepaid Insurance $6,000 (Dr)

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