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On October 1 of the Current Year,Morton Company Paid $9,600

Question 144

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On October 1 of the current year,Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day.On the date of the payment,Morton recorded the following entry:
On October 1 of the current year,Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day.On the date of the payment,Morton recorded the following entry: Prepare the required adjusting entry at December 31 of the current year. Prepare the required adjusting entry at December 31 of the current year.

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