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on march 1, 2020, brandeis corporation paid $15,000 to reynolds insurance for 12 months property...

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Accounting

On March 1, 2020, Brandeis Corporation paid $15,000 to Reynolds Insurance for 12 months property insurance coverage beginning March 1, 2020. Assuming financial statements are only prepared at year-end, December 31st, the adjusting entry to be made by Brandeis Corporation on December 31st is: Debit Prepaid Insurance $15,000, credit cash $15,000 Debit Insurance Expense $15,000, credit Prepaid Insurance $15,000 Debit Insurance Expense $1,250, credit Prepaid Insurance $1,250 Debit Insurance Expense $12,500, credit Prepaid Insurance $12,500

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