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Estimate the adjusting journal entry at december 31

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Question

On June 1, 20X5, Millwork paid $14,400 to renew its one-year general insurance policy, effective the date purchased. Insurance expense was debited for this premium. Millwork paid $13,200 for the same insurance policy last year.

What is the adjusting journal entry at December 31, 20X5?

Reference no: EM132316915

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