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Flashcards: Prepaid Expenses
Barkley Inc prepaid for an insurance policy on July 31, Year 2, in the amount of $6,000. The entry to adjust the prepaid expense account on December 31, Year 2, would include which of the following?
A credit of $3,500
A debit of $3,500
A credit of $2,500
A debit of $2,500
All CPA Financial Accounting and Reporting (FAR) Resources
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