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Prepare end-of-month adjusting entries

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A firm purchased a four-year insurance policy for $11,520 on July 1, 2019. The $11,520 was debited to the Prepaid Insurance account.
On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $44,640 in advance and debited the amount to Prepaid Advertising.

Prepare end-of-month adjusting entries for each of the above situations.

Reference no: EM131706937

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