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prepare adjusting entries (annual) prepaid expense Donna's Dairy Free Donuts (DDFD) prepares financial statement on an annual basis and has a December 31, 2023 year
prepare adjusting entries (annual) prepaid expense
Donna's Dairy Free Donuts (DDFD) prepares financial statement on an annual basis and has a December 31, 2023 year end. On July 1, 2023, DDFD purchased a one year insurance policy for 24,000 cash. The insurance policy covers July 1, 2023 to June 30, 2024
a. How much does the insurance policy cost per year?
b. How many months are between July1, 2023 and December 31, 2023
c. Record the journal entry on July 1, 2023.
d. In order to prepare the annual financial statement , record the adjusting journal entry on December 31, 2023.
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Financial Accounting For OHADA Member States Volume 1
Authors: Michael Forzeh Fossung
1st Edition
3330328037, 978-3330328037
