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Wilson Company paid $4,900 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid

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Wilson Company paid $4,900 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $4,900, and no adjustments had been made previously. The adjusting entry required on December 31 is

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