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On April 1, 2016, the premium on a one-year insurance policy was purchased for $2,400...

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Accounting

On April 1, 2016, the premium on a one-year insurance policy was purchased for $2,400 cash with the insurance coverage beginning on that date. The books are adjusted only at year-end. Which of the following correctly describes the effect on the financial statements of the December 31, 2016 adjusting entry?

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