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Adjusting Journal Entries
On December 31, the end of its accounting period, the following adjustment was available:Prepaid insurance Jan.1 P1050July. P3600Oct. P2400The January 1 balance represents the unexpired insurance premium on a one-year insurance policy purchased on September 1 of the previous year. The July 1 balance represents a two-year insurance policy starting on that date and the October 1 balance represents a one-year insurance policy.
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