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5. Prepaid insurance of $385 had expired. Property taxes for the calendar year are ruyable every year on June 30. The company estimated property taxes

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5. Prepaid insurance of $385 had expired. Property taxes for the calendar year are ruyable every year on June 30. The company estimated property taxes for 2021 to be $3.912. Instructions a. Identify the adjustments for which it could be useful to prepare reversing entries. b. Prepare these reversing entries on May 1, 2021 c. Explain why and how the reversing entries are useful for these adjustments but not for the other adjustments 5. Prepaid insurance of $385 had expired. Property taxes for the calendar year are ruyable every year on June 30. The company estimated property taxes for 2021 to be $3.912. Instructions a. Identify the adjustments for which it could be useful to prepare reversing entries. b. Prepare these reversing entries on May 1, 2021 c. Explain why and how the reversing entries are useful for these adjustments but not for the other adjustments

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