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Adjusting Journal Entries Analyze the transaction and prepare the adjusting journal entry. Recall on July 5 , a one - year insurance policy was purchased

Adjusting Journal Entries

Analyze the transaction and prepare the adjusting journal entry.

Recall on July

5,

a one

-

year insurance policy was purchased for $

1, 560 .

At July

31,

one

-

twelfth of the insurance has expired.

Date

Jul

31

Account

Debit

Credit

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