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What Adjusting entry is necessary at December

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Reference no: EM132642666

Question - A. a one-year insurance policy was purchased on November 1 for $2400 and the following entry was made at the time:

Prepaid Insurance 2,400

Cash 2400

What Adjusting entry is necessary at December 31st, the end of the accounting year?

B. Show how the T-Accounts for Prepaid insurance and insurance expense would appear after the entries are posted.

Reference no: EM132642666

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