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Prepare the required Journal entries for December

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Question - On June 1, 20X7, BPC paid $2,400 for an insurance policy that provides for fire damage from June 1, 20X7, to May 31, 20X8. The insurance premium was debited to prepaid expenses. The pre-existing balance in this account was for another annual insurance policy that expired on May 31, 20X7. Prepare the required Journal entries for December 31, 20X7 year end.

Reference no: EM132539371

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