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How enter transactions at the end-of-month adjusting entry

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Point 1: A firm purchased a two-year insurance policy for $4,080 on July 1, 2019. The $4,080 was debited to the Prepaid Insurance account.

Point 2: On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a one-year period. The firm paid $14,040 in advance and debited the amount to Prepaid Advertising.

Question 1: How do you enter these transactions at the end-of-month adjusting entries for each of the above situations.

Reference no: EM132477099

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