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dunwit
Oct 4, 2006, 07:40 PM
On August 1 Company A paid $4,000 for 1 years insurance, What journal entry is required on August 30 for adjusting prepaid insurance
CaptainForest
Oct 5, 2006, 12:02 AM
Dr. Insurance Expense 333.33
Cr. Perpaid Insurance 333.33

4,000/12 = 333.33