On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $480. The correct...

On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $480. The correct adjusting entry on December 31, 2019, is:

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Expert Solution

On December 31 we need to pass a journal entry to debit Insurance expense by the amount that relates to year 2019

Dr Insurance Expense 160

Cr Prepaid Insurance 160

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ekkarill92 answered 1 year ago

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