Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying

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Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying cash of $7,680. Its year-end is December 31.

a. Record the journal entry on April 1, 2020.

b. How many months are between April 1, 2020 and December 31, 2020? Record the adjusting entry on December 31, 2020.

c. How many months are between January 1, 2021 and December 31, 2021? Record the adjusting entry on December 31, 2021.

d. How many months of the insurance policy are left in 2022?

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Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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Question Posted: Dec 30, 2019 04:12 AM

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Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying

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Fundamental Accounting Principles Volume I

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