The following transactions occurred during December 31, 2016, for the Falwell Company. 1. A three-year fire insurance
Question:
1. A three-year fire insurance policy was purchased on July 1, 2016, for $15,480. The company debited insurance expense for the entire amount.
Prepare the necessary adjusting entry for the above situation.
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Related Book For 
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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