On December 1, Thomas Company paid $21,000 for two years of insurance in advance. On...
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Accounting
On December 1, Thomas Company paid $21,000 for two years of insurance in advance. On December 1, Thomas Company debited Insurance Expense, which is an alternate way of recording the initial expenditure. Required: Journalize the adjusting entry on December 31. Date Dec. 31 Account Title Debit Credit
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