Your company, which is on the accrual basis, prepays $24,000 for 1 years insurance premiums...
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Accounting
Your company, which is on the accrual basis, prepays $24,000 for 1 years insurance premiums and debits Insurance Expense. If, 3 months later at the firms year-end, and assuming no other entries were made to this account, what adjusting entry do you record?
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