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Prepare an adjusted journal entry for the following case: Purchased a 1-year malpractice insurance policy on January 1 for $24,840. The cost of the insurance

Prepare an adjusted journal entry for the following case:

Purchased a 1-year malpractice insurance policy on January 1 for $24,840. The cost of the insurance policy was debited to the Prepaid Insurance account when purchased on January 1.

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