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On June 1, 2018, Bere Ltd. pays $6,000 to Safety Insurance Corp. for a one-year insurance policy. Company fiscal years ending December 31 and adjust
On June 1, 2018, Bere Ltd. pays $6,000 to Safety Insurance Corp. for a one-year insurance policy. Company fiscal years ending December 31 and adjust their accounts annually. What is the amount of insurance that expired/used during 2018 that will be be used to record the adjustment entry for use of Insurance as of December 31.
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