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On March 29, 2020, XYZ, Corp. paid $18,000 for an insurance policy to cover the period April 1, 2020 to April 1, 2021. XYZ Corp
| On March 29, 2020, XYZ, Corp. paid $18,000 for an insurance policy to cover the period April 1, 2020 |
| to April 1, 2021. XYZ Corp has a year-end of December 31. |
| Record the purchase of the insurance policy in the books of XYZ, Corp. Also, record the |
| adjusting entries on December 31, 2020. Use the accouhnting equation or T-accounts. |
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