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Type: Open-Ended
Category: Accounting
Level: Continuing Education
Author: arankin
Last Modified: 5 years ago

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Accounting Question

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Continuing Education Accounting

On December 1 a company paid $1,200 for the insurance premium
covering the cost of insurance from December 1 through May 31.
When making the payment on December 1, the company debited
Insurance Expense for $1,200 and it credited Cash for $1,200.
Prepare the adjusting entry to be made as of December 31.
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