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Prepare adjusting entries using financial statement effects

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Reference no: EM132685120

Nine months ago, The Hartford Financial Services Group sold a one-year policy to a customer and
recorded the receipt of the premium by debiting Cash for $624 and crediting Contract Liabilities for $624. No accounting adjustments have been prepared during the nine-month period. Hartford's annual financial statements are now being prepared.

Problem 1: Prepare an adjusting entries using financial statement effects template (balance sheet and income statement) and in journal entry form

Reference no: EM132685120

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