Give adjusting journal entry at december end of period

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Problem 1: The balance of the Prepaid Insurance account before adjustment was P4,200 account was debited on November 1 of the current year that will cover 6 months. Give the adjusting journal entry at:

a. December 31 the end of the accounting period

b. December 31 if Insurance Expense was debited on November 1.

Reference no: EM132988329

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