On September 1, Bar Company purchased a one-year fire insurance policy and re corded the payment of
Question:
On September 1, Bar Company purchased a one-year fire insurance policy and re¬
corded the payment of the full yearly premium of $4,800 by debiting Unexpired Insurance. The accounts were not adjusted or closed until the end of the calendar year. Prepare the necessary adjusting entry at December 31. LO8
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Related Book For 
Accounting The Basis For Business Decisions
ISBN: 9780070415515
5th Edition
Authors: Robert F. Meigs, Walter B Meigs
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