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Beta purchased an insurance policy on 1/1/15 and paid a five-year premium for $100. The...

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Accounting

Beta purchased an insurance policy on 1/1/15 and paid a five-year premium for $100. The full purchase price was recorded immediately as Insurance Expense. The error was discovered on 1/1/18. Prepare the J.E. that would correct assets and retained earnings as of 1/1/18.

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