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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

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:

A) Make the December 31 adjusting journal entry to bring the balances to correct.

B) Show the impact that these transactions had.

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