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On January 2,Garret's Automotive Company purchased a 12-month insurance policy for $1,200 cash. Required. a.Prepare the general journal entry required on January 2 to record
On January 2,Garret's Automotive Company purchased a 12-month insurance policy for $1,200 cash.
Required.
a.Prepare the general journal entry required on January 2 to record the purchase of the policy.
b.Prepare the adjusting entry on January 31 to record January's insurance expense.
Making Adjustments for prepaid insurance.
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