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Allied In. bought a two-year insurance policy on August 1st for $3,600. What's the adjusting journal entry on December 31st?
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20 votes
20 votes
Allied In. bought a two-year insurance policy on August 1st for $3,600. What's the adjusting journal entry on December 31st?

User Barry Last
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1 Answer

21 votes
21 votes

Answer:

1. Debit Insurance Expense- $500 Credit Prepaid Insurance $500

2. $160 Beginning...

User Mtn Pete
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