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Posted on Jul 25, 2024

Assume that on February 1 , VMC paid $ 7 2 0 , 0 0 0 in advance for 2 years insurance coverage. Prepare VMC

Assume that on February

1,

VMC paid $

720, 000

in advance for

2

years

insurance coverage. Prepare VMC

s February

1

journal entry and the annual adjusting entry on June

30 .

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