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Posted on Sep 28, 2024

a company purchases insurance for 1 8 months on october 3 1 and reports it by debiting prepaid insurance for $ 1 8 0 ,

a company purchases insurance for

18

months on october

31

and reports it by debiting prepaid insurance for $

180, 000

and crediting cash for the same amount. what isthe correct adjusting entry for December

31

year end?

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