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QS 3-8 Preparing adjusting entries (annual)-prepaid expense (S) LO4 Super Shawarma, a successful restaurant chain, purchased a two-year insurance policy on April 1, 2023, paying

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QS 3-8 Preparing adjusting entries (annual)-prepaid expense (S) LO4 Super Shawarma, a successful restaurant chain, purchased a two-year insurance policy on April 1, 2023, paying cash for $15,000. Super Shawarma has a December 31 year-end. How much does the insurance policy cost per month? a. Record the journal entry on April 1, 2043. b. How many months are between April 1, 2023 and December 31, 2023 ? Record the adjusting entry on December 31, 2023. c. How many months are between January 1, 2024 and December 31, 2024? Record the adjusting entry on December 31, 2023. d. How many months of the insurance policy are left in 2025

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