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Prepare the adjusting entry for november

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On September 1, 2020, Lord of the Rinse Company acquired a 2-year fire insurance policy for 120,000 paid in advance. The company's year-end is November 30, 2020.

Problem a. Prepare the adjusting entry for November 30, 2020 assuming the entity is using ASSET METHOD in recording its prepayments.

Problem b. Prepare the adjusting entry for November 30, 2020 assuming the entity is using EXPENSE METHOD in recording its prepayments.

Reference no: EM132893321

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