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On June 1, 2021. Lisa Ltd. pays $4,680 to Mountain Insurance Corp.for a one-year insurance policy. Both companies have fiscal years ending December 31 and
On June 1, 2021. Lisa Ltd. pays $4,680 to Mountain Insurance Corp.for a one-year insurance policy. Both companies have fiscal years ending December 31 and adjust their accounts annually. (a) Question 4 of 7 2.22 Post the above entries and indicate the adjusted balance in each account. (Post entries in the order of journal entries prese the previous question.) Lisa Ltd. Prepaid Insurance 1 Dec. 31 Adj. June 1 Insurance Expense Mountain Insurance Corp. Deferred Revenue
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