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On Oct. 4th, Pioneer Advertising paid $6,000 for a one-year fire insurance policy, coverage beginning October 1. Prepare the entry to record the purchase of

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On Oct. 4th, Pioneer Advertising paid $6,000 for a one-year fire insurance policy, coverage beginning October 1. Prepare the entry to record the purchase of the insurance. An analysis of the policy reveals that $500 ($6,000 12) of insurance expires each month. Prepare the entry to record the insurance cost expired in October

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