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Prepare the necessary adjusting entry for the baylor agency

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Reference no: EM132551509

On November 1, Able Corporation purchased a six-month insurance policy from The Baylor Agency for $3,000.

Question a. Prepare the necessary adjusting entry for Able Corporation on November 30, assuming it recorded the November 1 expenditure as Unexpired Insurance.

Question b. Prepare the necessary adjusting entry for The Baylor Agency on November 30, assuming it recorded Able's payment as Unearned Insurance Premiums.

Reference no: EM132551509

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