Business, 26.08.2021 20:30 lujaynsparkles
The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,700. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:A. The amount of insurance expired during the year is $16,450Insurance Expense Prepaid Insurance B. The amount of unexpired insurance applicable to future periods is $5,250.Insurance Expense Prepaid Insurance
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The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,700....
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