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On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal.

Respuesta :

Answer:

See below

Explanation:

Prepaid insurance.                              Insurance expense

————————————-                     ———————————-

debit.   |    Credit.                                  Debit.   |      Credit

            |.     150.00.                                  150.   |

             

enter the debit of 150 under insurance expense in the journal

enter the credit of 150 under prepaid insurance in the journal

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