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BE3.5 (LO 2, 3) Assume that on February 1, Procter & Gamble (P&G) paid $720,000 in advance for 2 years' insurance coverage. Prepare P&G's February

BE3.5 (LO 2, 3) Assume that on February 1, Procter & Gamble (P&G) paid $720,000 in advance for 2 years' insurance coverage. Prepare P&G's February 1 journal entry and the annual adjusting entry on

June 30.

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