Question
On January 1, a company purchased a one year insurance police and debited insurance expense for $12,000. On July 1, the company realized they wanted
On January 1, a company purchased a one year insurance police and debited insurance expense for $12,000. On July 1, the company realized they wanted to add some additional coverage and purchased a one year insurance policy for $24,000 and debited prepaid insurance. What would be the adjusting entry on December 31?
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Management Audits
Authors: Allan J. Sayle
3rd Edition
0951173901, 978-0951173909
