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On November 1, Year 1, Shumate Company paid $1,200 in advance for an insurance policy that covered the company for six months. Which of the

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On November 1, Year 1, Shumate Company paid $1,200 in advance for an insurance policy that covered the company for six months. Which of the following will be included in the adjustment required on December 31, Year 1? Multiple Choice A debit to Prepaid Insurance for $400 A credit to Prepaid Insurance for $400 A debit to Insurance Expense for $1,200

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