At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a...
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Accounting
At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusting entry for Insurance Expense for the year would be
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