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Which of the following correctly depicts a Closing Entry? a. Debit: Income Summary; Credit: Prepaid Insurance b. Debit: Prepaid Insurance; Credit: Income Summary c. Debit:

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Which of the following correctly depicts a Closing Entry? a. Debit: Income Summary; Credit: Prepaid Insurance b. Debit: Prepaid Insurance; Credit: Income Summary c. Debit: Insurance Expense; Credit: Income Summary d. Debit: Income Summary; Credit: Insurance Expense

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