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Macquarie Finance pays for a 1-year insurance policy commencing on 1 January in cash. The policy costs $24 000. The entitys monthly reporting date is

Macquarie Finance pays for a 1-year insurance policy commencing on 1 January in cash. The policy costs $24 000. The entitys monthly reporting date is 31 January. Prepare the general journal entry to record the insurance payment on 1 January.

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