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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 92
Preparinq and Posting Adjusting Journal Entries
At December 31, the unadjusted trial balance of H R Tacks reports Prepaid Insurance of $7,200 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Prepare the adjusting journal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry', and report the adjusted balance.
At December 31, the unadjusted trial balance of H R Tacks reports Prepaid Insurance of $7,200 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Prepare the adjusting journal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry', and report the adjusted balance.
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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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