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Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $2,520 premium to Insurance expense. At its
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $2,520 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods would record which of the following adjusting entries? Prepaid insurance Insurance expense 1,995 Prepaid insurance Insurance expense Insurance expense Prepaid insurance Insurance payable 1,995 525 525 525 1,995 2,520 Insurance expense 525 Prepaid insurance 525
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