Assume that on February 1, Procter & Gamble (P&G) paid $840,000 in advance for 2 years insurance

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Assume that on February 1, Procter & Gamble (P&G) paid $840,000 in advance for 2 years’ insurance coverage. Prepare P&G’s February 1 journal entry and the annual adjusting entry on June 30.

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Intermediate Accounting principles and analysis

ISBN: 978-0471737933

2nd Edition

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

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Question Posted: May 10, 2012 12:54 AM

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Assume that on February 1, Procter & Gamble (P&G) paid $840,000 in advance for 2 years insurance

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Intermediate Accounting principles and analysis

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