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Prepare the reversing entry that should be processed

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Reference no: EM132734909

Problem 1: Brice paid for his building and contents insurance policy on 28/2/X1, it is a 12 month policy and cost $7,200 (excluding GST). On the template below prepare:

I. A balance day adjustment for this insurance payment.

II. The reversing entry that should be processed on 1/7/X1.

Reference no: EM132734909

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