The Prepaid Insurance account began the year with a balance of $920. During the year, insurance in
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The Prepaid Insurance account began the year with a balance of $920. During the year, insurance in the amount of $2,080 was purchased. AT the end of the year (December 31), the amount of insurance still unexpired was $1,400. Prepare the year-end entry in journal form to record the adjustments for insurance expense for the year.
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