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Business, 19.03.2021 18:30 MileenaKitana

The prepaid insurance account had a balance of $11,300 at the beginning of the year. The account was debited for $12,500 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of unexpired insurance applicable to future periods is $2,100.
b. The amount of insurance expired during the year is $14,400

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The prepaid insurance account had a balance of $11,300 at the beginning of the year. The account was...
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