On November 1 Able Corporation purchased a six month insurance policy
On November 1, Able Corporation purchased a six-month insurance policy from The Baylor Agency for $3,000.
Prepare the necessary adjusting entry for Able Corporation on November 30, assuming it recorded the November 1 expenditure as Unexpired Insurance.
Prepare the necessary adjusting entry for The Baylor Agency on November 30, assuming it recorded Able’s payment as Unearned Insurance Premiums.

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