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  3. or each separate case below, follow the three-step

or each separate case below, follow the three-step process for adjusting the prepaid asset account...

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Accounting

or each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
Assume no other adjusting entries are made during the year.

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