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Adjustment for prepaid expense The prepaid insurance account had a beginning balance of 7 340...

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Adjustment for prepaid expense The prepaid insurance account had a beginning balance of 7 340 and was debited for 3 230 of premiums paid during the year Journalize the adjusting entry required at the end of the year assuming the amount of unexpired insurance related to future periods is 4 120 If an amount box does not require an entry leave it blank Insurance Expense

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