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l Example 8: Prepaid Insurance. On Oct. 4th, Pioneer Advertising paid $6,000 for a one-year fire insurance policy, coverage beginning October 1. Prepare the entry
l Example 8: Prepaid Insurance. On Oct. 4th, Pioneer Advertising paid $6,000 for a one-year fire insurance policy, coverage beginning October 1. Prepare the entry to record the purchase of the insurance.
Insurance. An analysis of the policy reveals that $500 ($6,000 12) of insurance expires each month. Prepare the entry to record the insurance cost that expired in October.
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