FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Adjustment for Prepaid Expense
The prepaid insurance account had a beginning balance of $6,370 and was debited for $3,570 of premiums paid during the year.
Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related i
future periods is $3,680. If an amount box does not require an entry, leave it blank.
Insurance Expense
Prepaid Insurance
100
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