Assume the balance in Prepaid Insurance is $2,500, but it should be $1,500. The adjusting journal entry
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Assume the balance in Prepaid Insurance is $2,500, but it should be $1,500. The adjusting journal entry should include which of the following?
a. Debit to Prepaid Insurance for $1,000
b. Credit to Insurance Expense for $1,000
c. Debit to Insurance Expense for $1,000
d. Debit to Insurance Expense for $1,500
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Related Book For 
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
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