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Adjusting entry: At the end of the financial year (June 30, 2020), Count-On-Us Pty Ltd had used up a 12 month insurance policy originally recorded

Adjusting entry: At the end of the financial year (June 30, 2020), Count-On-Us Pty Ltd had used up a 12 month insurance policy originally recorded as an asset. The insurance policy cost $7,000 on July 1, 2019.

Instructions: Record the adjusting entry for the year ending 30 June 2020 for Count On Us Pty Ltd by selecting the correct accounts and amounts that are debited and credited.

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