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On November 1, Petree Corporation purchased a six-month insurance policy from The Avenson Agency for $5,400 a. Prepare the necessary adjusting entry for Petree Corporation

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On November 1, Petree Corporation purchased a six-month insurance policy from The Avenson Agency for $5,400 a. Prepare the necessary adjusting entry for Petree Corporation on November 30, assuming it recorded the November 1 expenditure as Unexplred Insurance. b. Prepare the necessary adjusting entry for The Avenson Agency on November 30, assuming it recorded Petree's payment as Unearned Insurance Premiums

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