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17 Red Can Corporation paid $15,000 for four months' insurance in...

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Accounting

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Red Can Corporation paid $15,000 for four months' insurance in advance for October, November, December, and January. Red Can Corporation has a December 31 year-end and adjust its accounts annually. REQUIRED: a. Calculate the amount of insurance used at December 31, b. Prepare the adjusting journal entry required at December 31. Format UA loli S d! oo + ... a. The amount of insurance used = $ b. The adjusting journal entry: GENERAL JOURNAL ACCOUNT TITLES AND DATE EXPLANATION DEBIT CREDIT h Question 18 (3 points) On January 1, 2021, Moon Corporation purchased a machine for $10,000 on account. The company uses straight-line depreciation and estimates that the machine will have a eight-year useful life. The company has a December 31 year-end and adjusts its accounts annually

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