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A firm neglected to record any journal entries during the current accounting year, related to their only insurance policy. After the beginning of the period,
A firm neglected to record any journal entries during the current accounting year, related to their only insurance policy. After the beginning of the period, January 1st, there was $750 of current prepaid fire insurance on the balance sheet. On June 30th, the firm paid $2,000 to renew the fire insurance policy for a further 12 months. The firms fiscal year ends on December 31st.
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