Adjusting Entries

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» Adjusting Entries

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May 2, 2007, 09:41 AM

Accstudent

New Member

Join Date: May 2007

Posts: 1

Adjusting Entries

Unadjusted trial balance for December 31,2004 states that Insurance Expense is $7,450.

Policy1: remaining cost of $2,550, 1-yr term, taken out on May 1,2003
Policy2: original cost of $3,600, 3-yr term, taken out on Oc. 1,2004
Policy3: original cost of $1,300, 1 yr term, taken out on Jan 1, 2004

Reccord the adjusting entry.

Could someone explain how to do this?

Thank you!

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