On August 1 Company A paid $4,000 for 1 years insurance, What journal entry is required on August 30 for adjusting prepaid insurance
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On August 1 Company A paid $4,000 for 1 years insurance, What journal entry is required on August 30 for adjusting prepaid insurance
Dr. Insurance Expense 333.33
Cr. Perpaid Insurance 333.33
4,000/12 = 333.33
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