On April 1, 2020, Metro Insurance Company sold a oneyear insurance policy covering the year ended April
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On April 1, 2020, Metro Insurance Company sold a oneyear insurance policy covering the year ended April 1, 2021. Metro collected the full \(\$ 1,200\) on April 1, 2020. Metro made the following journal entry to record the receipt of cash in advance:
Nine months have passed, and Metro has made no adjusting entries. Based on these facts, the adjusting entry needed by Metro at December 31, 2020, is
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Related Book For 
Financial Accounting
ISBN: 9780135433065
7th Canadian Edition
Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin
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