At the end of 2019, Jayrad Company paid $6,000 for insurance coverage for 2020. It recorded this
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At the end of 2019, Jayrad Company paid $6,000 for insurance coverage for 2020. It recorded this by debiting Insurance Expense and crediting Cash, but failed to record a year-end adjustment. Upon discovery of this error at the end of 2020, what correcting journal entry will Jayrad Company make? Ignore income taxes.
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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