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The prepaid insurance account had a balance of $11,400 at the beginning of the year. The account was debited for $12,700 for premiums on policies purchased during the year.

Journalize the adjusting entry required at the end of the year for each of the following situations:

The amount of unexpired insurance applicable to future periods is $2,100.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9408090

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