Question: marks Question 4 PART A [6 marks] Shania Twain Ltd pays its annual insurance premium in cash on 1 September each year. The latest payment

marks Question 4 PART A [6 marks] Shania Twain Ltd pays

marks Question 4 PART A [6 marks] Shania Twain Ltd pays its annual insurance premium in cash on 1 September each year. The latest payment of $9,000 was on 1 September 2020 which was $600 more than the previous year. All transactions are recorded in the general journal. Shania Twain Ltd has a December 31st year end. Required: a) Assuming Shania Twain Ltd uses the expense approach to record the payment, prepare general journal entries (narrations are NOT required) required at (3 marks): (0) 1 September 2020 (ii) 31 December 2020 (both adjusting and closing entries)

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