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Im struggling with accounting, don't know where to start. Taylor Company has a December 31 year end. Adjusting journal entries are made at year end

  1. Im struggling with accounting, don't know where to start.
  2. Taylor Company has a December 31 year end. Adjusting journal entries are made at year end (rather than monthly). Taylor Co. purchased a $1,000,000 twelve month insurance policy on August 1, 2019. Coverage begins on August 1, 2019. The annual premium is $12,000. Taylor Co. paid $1,000 on August 1 and $11,000 on September 1. Prepare the journal entries on August 1, 2019, September 1, 2019, and December 31, 2019.

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