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Create Journal Entries For: August 31: Paid $2,400 for a 12-month insurance policy. Policy effective dates are September 1 through August 31. December 31: Book

Create Journal Entries For:

August 31: Paid $2,400 for a 12-month insurance policy. Policy effective dates are September 1 through August 31.

December 31: Book expense for insurance during September 1December 31.

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