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What adjusting entry should race car company make on dec

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Problem 1: Race Car Company paid $105,600 for a four-year insurance policy on September 1 and recorded the $105,600 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Race Car Company make on December 31, the end of the accounting period (no previous adjustment has been made)?

Reference no: EM132483756

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