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On September 1, Russell Company paid $12,000 for two years of insurance in advance. Russell Company recorded the transaction by debiting Prepaid Insurance and crediting

On September 1, Russell Company paid $12,000 for two years of insurance in advance. Russell Company recorded the transaction by debiting Prepaid Insurance and crediting Cash Required: Journalize the adjusting entry on December 31 Date Account Title Debit Credit Dec 31 X Required: Journalize the adjusting entry on December 31. Date Account Title Debit Credit Dec. 31 x

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