What is the proper adjusting entry at December 31, the end of the accounting period,...
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Accounting
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,550 before adjustment, and the unexpired amount per analysis of policies is $3,650? Multiple Choice Debit Insurance Expense, $3,650; credit Prepaid Insurance, $3,650. Debit Cash, $8,550; Credit Prepaid Insurance, $8,550. Debit Prepaid Insurance, $4,900; credit Insurance Expense, $4,900. Debit Insurance Expense, $4,900; credit Prepaid Insurance, $4,900. Debit Insurance Expense, $8,550; credit Prepaid Insurance, $8,550
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