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At year-end 20X2, you see that no insurance expense was recorded for 20X1. On July 1, 20X1, your company had prepaid a 2-year policy
At year-end 20X2, you see that no insurance expense was recorded for 20X1. On July 1, 20X1, your company had prepaid a 2-year policy for $4,800, debiting Prepaid Insurance and crediting Cash. Correcting this error requires: a prior period adjustment a current period adjustment both a and b neither a nor b
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