Essay
On January 1, 2016, the balance in the prepaid insurance account was $2,500. On December 31, 2016, after the 2016 adjusting entries were made, the balance of the prepaid insurance account was $1,200. During 2016, 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, 2016.
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