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Accounting

The balance in the prepaid insurance account, before adjustment at the end of the year, is 11,500. Journalize the adjusting entry required under each of the following alternatives for determing the amount of the adjust.

(a) The amount of the insurance expired during the year is 8750

(b) The amount of unexpired insurance applicable to future periods is 2750.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797032

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