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What is the journal entry on july

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Reference no: EM132700106

Problem 1: Bob Inc. paid a $2400 2-year insurance premium for its new building on July 1. What is the journal entry on July 31?

a. Prepaid Insurance $2,400 Cash $2,400

b. Insurance Expense $2,400 Prepaid Insurance $2,400

c. Prepaid Insurance $100 Insurance Expense $100

d. Insurance Expense $100 Prepaid Insurance $100

Reference no: EM132700106

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