Which correctly describes the effect on financial statements

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Reference no: EM133906301

Problem

On April 1, 2023, the premium on a one-year insurance policy was purchased for $6,300 cash with the insurance coverage beginning on that date. The books are adjusted only at year-end. Get the instant assignment help. Which correctly describes the effect on the financial statements of the December 31, 2023 adjusting entry?

Reference no: EM133906301

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