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Reviewing insurance policies revealed that a single policy was purchased on August 1 , for one year's coverage, in the amount of $6,000. There was

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Reviewing insurance policies revealed that a single policy was purchased on August 1 , for one year's coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: - As of December 31 , what is the amount of prepaid insurance that has expired? - What account is debited in the adjusting entry? - What account is credited in the adjusting entry? - What is the remaining balance of prepaid insurance

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