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The prepaid insurance account had a beginning balance of $6,000 and was debited for $12,500 of premiums paid during the year. Journalize the adjusting entry
The prepaid insurance account had a beginning balance of $6,000 and was debited for $12,500 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 future periods is $13,000. If an amount box does not require an entry, leave it blank
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