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Make the necessary journal entry on december

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Question - The following information relates to the Morganstern Magazine Company at the end of 2020. The accounting period is the calendar year.

An insurance premium of $6,000 was paid on January 1, 2020 and was charged to Insurance Expense. The premium covers a 20-month period beginning January 1, 2020. Make the necessary Journal entry on December 31.

Reference no: EM132595889

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