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On July 1, Friler Company purchased a 1-year insurance policy by paying $5,400. Required: Prepare journal entries to record the purchase and the related year-end

On July 1, Friler Company purchased a 1-year insurance policy by paying $5,400.

Required:

Prepare journal entries to record the purchase and the related year-end adjusting entry

image text in transcribed
General Journal Prepare the journal entry to record the purchase of the insurance policy on July 1. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 Prepare the journal entry to record the related year-end adjusting entry on December 31. PAGE 12 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Adjusting Entries 2 3

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