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    Financial Accounting Study Set 15
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    Exam 3: The Adjusting Process
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    A One-Year Insurance Policy Was Purchased on June 1, 2011
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A One-Year Insurance Policy Was Purchased on June 1, 2011

Question 6

Question 6

Essay

A one-year insurance policy was purchased on June 1, 2011 for $1,500. The adjusting entry on December 31, 2011 would be:
A one-year insurance policy was purchased on June 1, 2011 for $1,500. The adjusting entry on December 31, 2011 would be:

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$1,500/12 = $125 per...

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