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The balance in the prepaid insurance account, before adjustment at the end of the year, is $9,760. Journalize the adjusting entry required under each of
The balance in the prepaid insurance account, before adjustment at the end of the year, is $9,760. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: Question Content Area a. The amount of insurance expired during the year is $7,420. Question Content Area b. The amount of unexpired insurance applicable to future periods is $2,340.
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