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On October 1 of the current year, Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day. On the
On October 1 of the current year, Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day. On the date of the payment, Morton recorded the following entry: Prepare the required adjusting entry at December 31 of the current year. 9,600 Oct. 01 Insurance Expense.. Cash... 9,600
Prepare the required adjusting entry at December 31 of the current year.
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