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Prepare adjusting journal entry: The prepaid insurance on January 1, 2018 was $3400 which covers the period January 1 through August 31, 2018. The insurance
| Prepare adjusting journal entry: The prepaid insurance on January 1, 2018 was $3400 which covers the period | ||||||
| January 1 through August 31, 2018. The insurance premium of $6800 recorded | ||||||
| in August covers the period of September 1, 2018 through August 31, 2019. | ||||||
| Rockford estimates that 50% of the premiums are attributable to general | ||||||
| activities (Use Insurance Expense) and 50% to selling activities. (Use | ||||||
| Miscellaneous Expense). | ||||||
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
