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Smith Company paid $26,400 for a four-year insurance policy on September 1 and recorded the $26,400 as a debit to Prepaid Insurance and a credit

Smith Company paid $26,400 for a four-year insurance policy on September 1 and recorded the $26,400 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Smith make on October 31, the end of the accounting period (no previous adjustment has been made)?

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