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10 The company paid $2,700 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. Date Journal entry Debit Credit april

10 The company paid $2,700 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. Date Journal entry Debit Credit april 10 Prepaid insurance 2700 cash 2700 Unadjusted trail balance Account title Debit Credit Prepaid insurance 2700 Insurance expense 0 a. Two thirds of one months insurance coverage has expired. Post adjusting entry Debit Credit A. Insurance expense ....... Prepaid insurance .........

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