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    Corporate Financial Accounting
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    Exam 3: The Adjusting Process
  5. Question
    Gizmo IncPurchased a One-Year Insurance Policy on October 1 for $1,800
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Gizmo IncPurchased a One-Year Insurance Policy on October 1 for $1,800

Question 43

Question 43

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Gizmo Inc.purchased a one-year insurance policy on October 1 for $1,800.The adjusting entry on December 31 would be

Gizmo Inc.purchased a one-year insurance policy on October 1 for $1,800.The adjusting entry on December 31 would be

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$1,800/12 = $150 per month × 3 months = ...

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