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Nelson properties purchased hazard insurance from Sheild Insurance Company on 12/1/14. Nelson Properties paid $6,120 for 12 months' coverage. a. Record the $6120 payment for

Nelson properties purchased hazard insurance from Sheild Insurance Company on 12/1/14. Nelson Properties paid $6,120 for 12 months' coverage.

a. Record the $6120 payment for insurance

b. Journalize the adjusting entry on 12/31/14

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