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24 October, 20:53

What is the proper adjusting entry at june 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000?

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  1. 24 October, 21:09
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    Debt insurance expenses 6000

    Credit prepaid insurance 6000

    prepaid insurance account balance after adjustment is

    18,500-6,000=12,500
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