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Adjusting entries required at the end of July relate to the following: The company paid the premium on a one-year insur- ance policy on 1

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Adjusting entries required at the end of July relate to the following:

  • The company paid the premium on a one-year insur- ance policy on 1 March 2012, with coverage beginning on that date. This is the only insurance policy in force on 30 June 2012.

According to the solution provided by the professor the prepaid insurance at June 31st should be 1750. How?

JanMar Fabrics adjusted, postclosing trial balance June 30

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