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Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check your spelling carefully and do not abbreviate. Use
Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check your spelling carefully and do not abbreviate. Use account names exactly as given in the Chart of Accounts. Completed services that were paid for six months earlier, $4,300. Insurance for the next six months was paid on November 1st in the amount of $1,440. Record the journal entry for the two months of insurance expired at year-end. Employees earned $2,500 in salaries that will be paid next month
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