Question: For each separate case below, follow the three-step process for adjusting the prepaid asset account ot December 31 Step 1 Determine what the current account

For each separate case below, follow the three-step process for adjusting the prepaid asset account ot December 31 Step 1 Determine what the current account balance equals. Step 2 Determine what the current account balance should equal. Step 3 . Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. For each separate case below, follow the three-step process for adjusting the prepaid asset account ot December 31 Step 1 Determine what the current account balance equals. Step 2 Determine what the current account balance should equal. Step 3 . Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year

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