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How would you account for the items

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Question - Hayes & Company has entered into an annual insurance policy beginning on June 1, 2021 for a total of $120,000. According to the contract, the company is required to make the payment in three equal installments: June 1, 2021, December 1, 2021, and February 1, 2022. How would you account for the above items throughout the life of the contract? Include any relevant journal entries.

Reference no: EM133026640

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