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On August 31st, James Brown, the L&L Accountant paid an invoice in CASH for $14,400 for a one year insurance premium for the Mercedes
On August 31st, James Brown, the L&L Accountant paid an invoice in CASH for $14,400 for a one year insurance premium for the Mercedes vehicle. The policy commences a month later on October 1st. REFER TO ABOVE INFORMATION FROM AUGUST 31st. On January 2nd 2020, James Brown realizes that he never booked any adjusting entries (from October to Nov 2019) for the Prepaid Insurance on the Mercedes vehicle after the purchase. What adjusting entry must be made to recognize the current value of the Prepaid Insurance for December 31st, 2019 closing?
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To recognize the current value of the Prepaid Insurance for December 31st 2019 an adjusting entry mu...
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
