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company purchases one year of flood insurance in advance on May 1 , paying $24,000($2,000/month). Record the adjusting entry on December 31. (If no entry

company purchases one year of flood insurance in advance on May 1 , paying $24,000($2,000/month). Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the irst account field.) Journal entry worksheet Note: Enter debits before credits

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