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The prepaid insurance account had a balance of $4,800 at the beginning of the year. The account was debited for $15,000 for premiums on policies

The prepaid insurance account had a balance of $4,800 at the beginning of the year. The account was debited for $15,000 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations

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