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X Company paid $12,000 cash in advance for a one year insurance policy on October 1, 2011. Assume that the company originally recorded this purchase

X Company paid $12,000 cash in advance for a one year insurance policy on October 1, 2011. Assume that the company originally recorded this purchase as prepaid insurance. The appropriate adjusting entry on December 31, 2011 will have what effect?
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X Company paid $12,000 cash in advance for a one year insurance policy on October 1 , 2011. Assume that the company originally recorded this purchase as prepaid insurance. The appropriate adjusting entry on December 31,2011 will have what effect

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