Question
During the first year of operations, insurance premiums of $119,400 were paid. at the end of the year, unexpired premiums totaled $9,175. journalize the adjusting
During the first year of operations, insurance premiums of $119,400 were paid. at the end of the year, unexpired premiums totaled $9,175. journalize the adjusting entry at the end of the year, assuming that (a) prepaid expenses were initially recorded as assets and (b) prepaid expenses were initially recorded as expenses.
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Accounting
Authors: Carl s. warren, James m. reeve, Philip e. fess
21st Edition
978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004
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