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?Journal entry: Dec 1. A general liability insurance policy is purchased for $1200 paying cash. The term of the policy is one year. Adjusting entry:

?Journal entry: Dec 1. A general liability insurance policy is purchased for $1200 paying cash. The term of the policy is one year.

Adjusting entry: Compute and record the insurance expense for the month of december. Asssume that the insuracne coverage expires at an even rate throughout the year. Refer to Dec 1 and verify that the expenses should equal $100. What is the Adjusting entry?

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