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Wilson company paid 6,700 for a 4-month insurance premium in advance on November 1, with...

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Accounting

Wilson company paid 6,700 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is 6,700, and no adjustments had been made previously. The adjusting entry required on December 31 is:

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