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Prepare the adjusting entry for each item

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Reference no: EM132463932

(Adjusting and Reversing Entries) When the accounts of Daniel Barenboim Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.

1. The prepaid insurance account shows a debit of $5,280, representing the cost of a 2-year insurance policy dated August 1 of the current year.

Instructions

Question 1: Prepare the following in general journal form.

(a) The adjusting entry for each item.

(b) The reversing entry for each item where appropriate.

Reference no: EM132463932

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