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The balance of the prepaid insurance account relates to the July 1 transaction. (July 1. Paid a premium of $2,700 for a comprehensive insurance policy
The balance of the prepaid insurance account relates to the July 1 transaction. (July 1. Paid a premium of $2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.) Record the adjusting entry on July 31 for insurance expired. Change the reference to Adj. Ent
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