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on July 1 , 2 0 2 1 Majors Co . buys a three - year insurance policy for $ 1 2 , 7 5

on July 1,2021 Majors Co. buys a three-year insurance policy for $12,750. Majors Co. has a December 31 year end.
a. Journalize the purchase of the insurance policy.
b. Prepare the year end adjusting entry for the amount of insurance expired.

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