During the first year of operations, insurance premiums of $11,400 were paid. At the end of the

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During the first year of operations, insurance premiums of $11,400 were paid. At the end of the year, unexpired premiums totaled $4,175. Journalize the adjusting entry at the end of the year, assuming that

(a) Prepaid expenses were initially recorded as assets

(b) Prepaid expenses were initially recorded as expenses.

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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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Question Posted: Nov 19, 2012 06:44 AM

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During the first year of operations, insurance premiums of $11,400 were paid. At the end of the

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Accounting

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