The balance in the prepaid insurance account, before adjustment at the end of the year, is $2,475.

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The balance in the prepaid insurance account, before adjustment at the end of the year, is $2,475. 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 $1,215;

(b) The amount of unexpired insurance applicable to future periods is $1,260.

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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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Question Posted: Nov 03, 2012 05:34 AM

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The balance in the prepaid insurance account, before adjustment at the end of the year, is $2,475.

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