4. On November 1 20X6, ABC Co. purchased on fire insurance policy for $24,000 covering...
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4. On November 1 20X6, ABC Co. purchased on fire insurance policy for $24,000 covering business property for the next 6 months (from November1, 20X6 through April 30, 20X7). A) Prepare the journal entry to record the purchase of fire insurance on November 1, 20X6. B) Prepare the adjusting journal entry need on November 30, 20X6. C) What was the balance in the account prepaid insurance on February 1, 20X7.
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