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At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and...

At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months.
1.

Prepare the adjusting journal entry on December 31.
2.

Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.

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jeff jeffy answered 3 years ago
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