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Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month policy as Insurance
Received a six-month insurance policy renewal from General Insurance Co. for $1,200, paid immediately, Check No. 72. Jen recorded the first six-month policy as Insurance Expense, but you think it is better to record the second six-month policy as Prepaid Insurance on payment, and then adjust it at the end of each month.
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