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Debiting insurance expense and crediting cash,

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Reference no: EM13866498

At the end of Year 1, Jayrad Company paid $6,000 for insurance coverage for Year 2. It recorded this by debiting Insurance Expense and crediting Cash, but failed to record a year end adjustment. Upon discovery of this error in Year 2,
1. what correcting journal entry will Jayrad Company make? Ignore income taxes.

Reference no: EM13866498

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