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BAD ONE Corporation purchased two insurance policies during the current year. On February 1, the...

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Accounting

BAD ONE Corporation purchased two insurance policies during the current year. On February 1, the company purchased a two-year liability policy for $18,000. On May 1, it purchased a one year automobile policy for $7,200. These payments were charged to insurance expense. Boston Company has a fiscal year end of June 30. Required:

1. How much insurance expense should be recognized from these policies on June 30?

2. What adjusting entry will be required on June 30?

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