On January 1,2019,the balance in the prepaid insurance account was $2,500.On December 31,2019,after the 2019 adjusting entries were made,the balance of the prepaid insurance account was $1,200.During 2019,cash payments for insurance premiums amounted to $5,000,which was debited to the prepaid insurance account.Prepare the adjusting entry,which must have been made at December 31,2019.
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