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On September 1, 20x1, Upholstery Masters purchased a one-year insurance policy for $3,240. The correct adjusting entry on December 31, 20X1. Is: Multiple Choice debit

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On September 1, 20x1, Upholstery Masters purchased a one-year insurance policy for $3,240. The correct adjusting entry on December 31, 20X1. Is: Multiple Choice debit Insurance Expense $1,080: credit Prepaid Insurance $1,080 debit Insurance Expense $270; credit Prepaid Insurance $270 debit Prepaid Insurance $270; credit Insurance Expense $270 debit Prepaid Insurance $1,080; credit Insurance Expense $1,080

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