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Record the necessary entries in the Journal Entry Worksheet below Mountaineer...

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Accounting

Record the necessary entries in the Journal Entry Worksheet below

Mountaineer purchases one year of flood insurance in advance on March 1, paying $25,800 ($2,150/month). Record the adjusting entry.

How much do you debit and how much do you credit?

March 1: Insurance Expense:

Predpaid Insurance:

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