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The prepaid insurance accojnt had a beginning balance of $ 1 1 , 5 0 0 and was debited for $ 1 8 , 0

The prepaid insurance accojnt had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to furture periods is $13,000.

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