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Vertigo Company paid $10,000 on July 1, 2009, for a two-year insurance policy. It was recorded as prepaid insurance. Use the accounting equation to show
Vertigo Company paid $10,000 on July 1, 2009, for a two-year insurance policy. It was recorded as prepaid insurance. Use the accounting equation to show the adjustment Vertigo will make to properly report expenses when preparing the December 31, 2009, financial statements. (Assume no previous adjustments to prepaid insurance have been made.) (Do not round until the final answer, then round to the nearest dollar. Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines.) Shareholders' Equity Contributed Capital Retained Earnings Assets Liabilities + $ Account Account Account Account
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