During the first year of operations, insurance premiums of $119,400 were paid. at the end of the
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During the first year of operations, insurance premiums of $119,400 were paid. at the end of the year, unexpired premiums totaled $9,175. journalize the adjusting entry at the end of the year, assuming that (a) prepaid expenses were initially recorded as assets and (b) prepaid expenses were initially recorded as expenses.
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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