g An annual insurance policy was purchased for 36000 on June 1 2017 and was fully expensed at that time h All depreciation is straightline at the following rates no capital purchases were made during the year i Vehicles 5 years ii Equipment 10 years iii Computer hardware 3 years ABC Incorporated Unadjusted Trial Balance 11 Months ended November 30 2017 Account Dr Cr 1020 Bank 110000 1200 Accounts Receivable 80000 1205 Allowance for Doubtful Accounts 1300 Prepaid Expenses and Deposits 6000 1

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ANSWER An annual insurance policy is a policy paid for by the year as opposed to by the month Therefore a policyholder who pays a yearly premium would ... View the full answer