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On January 2, 2022, Superchunk Purchased a General Liability Insurance

Question 6

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On January 2, 2022, Superchunk purchased a general liability insurance policy for $2,700 for coverage for the calendar year.The entire $2,700 was charged to Insurance Expense on January 2, 2022.If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2022, will be: On January 2, 2022, Superchunk purchased a general liability insurance policy for $2,700 for coverage for the calendar year.The entire $2,700 was charged to Insurance Expense on January 2, 2022.If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2022, will be:

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