Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.On October 1,2016,the firm paid a premium of $5,600 in cash for a 1-year insurance policy.On December 31,2016,coverage for a period of three months had expired.

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The Answer of Determine the account and amount to be debited and the account and amount to be credited for the following adjustment.On October 1,2016,the firm paid a premium of $5,600 in cash for a 1-year insurance policy.On December 31,2016,coverage for a period of three months had expired.

Determine the Account and Amount to Be Debited and the Account