Essay
On January 1, 2014 the balance in the prepaid insurance account was $2,500. On December 31, 2014, after the 2014 adjusting entries were made, the balance of the prepaid insurance account was $1,200. During 2014, cash payments for insurance premiums amounted to $5,000, which was debited to the prepaid insurance account. Prepare the adjusting entry, which must have been made at December 31, 2014.
Correct Answer:
Verified
Correct Answer:
Verified
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