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    Financial Accounting IFRS Study Set 1
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    Exam 3: Adjusting the Accounts
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    On July 1, 2014, Jeffrey Underwriters Associates Received $16,000 from a Client
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On July 1, 2014, Jeffrey Underwriters Associates Received $16,000 from a Client

Question 47

Question 47

Essay

On July 1, 2014, Jeffrey Underwriters Associates received $16,000 from a client for a 2-year insurance policy.
Instructions
Prepare the necessary journal entries for Jeffrey Underwriters Associates on July 1 and December 31.

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