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On December 1 a company paid $ 1,200 for the insurance premium covering the cost of insurance from December 1 through May 31. When making the payment on December 1, the company debited Prepaid insurance for $ 1,200 and it credited Cash for $ 1,200. The adjusting entry to be made as of December 31 will include a ○ Debit to the Prepsid Insurance account and credit to the Insurance Expense account for $ 200. ○ Debit to the Prepaid insurance accoum and credit to the insurance Expense account for $ 1000. ○ Debit to the insurance Expense account and credit to the Prepaid insurance account for $ 200. ○ Debit to the Insurance Expense account and credit to the Prepaid insurance account for $ 1000.
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