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Brextan T.

asked • 02/13/20

An analysis of the company's insurance policies provided the following facts. (Adjusting Journal Entry).

Policy Start Date Term Cost
A 4/1/17 24 10,824
B 4/1/18 36 9,576
C 8/1/19 12 8,424

The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)

1 Expert Answer


Ashley H. answered • 03/07/20

4.7 (78)

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