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Prepaid Expense On December 15, Company B paid $18,000 for a six-month insurance policy starting on that day. a. How much should Company B show

Prepaid Expense On December 15, Company B paid $18,000 for a six-month insurance policy starting on that day.

a. How much should Company B show as Insurance Expense for the year ended December 31? What will be the balance of Prepaid Insurance at the end of the year?

b. Record the journal entry to show the adjustment made on December 31

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