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7. A $12,000.00 general liability insurance invoice was received in January for the policy period 1/2020 12/2020. The invoice was paid in full and has
7. A $12,000.00 general liability insurance invoice was received in January for the policy period 1/2020 12/2020. The invoice was paid in full and has been posted to account 7001 Insurance Expense. What, if any, journal entries should be posted to close January 2020 and why? _______________________________________________________________________________________________________________________________________________________________________________________
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