CREATE JOURNAL ENTRIES FOR THE JANUARY 2018 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS: On January 1,...
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CREATE JOURNAL ENTRIES FOR THE JANUARY 2018 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS:
On January 1, a 24-month liability insurance policy was purchased to cover Sunflower Designs. The full cost of the policy, $1,800, was paid in cash on the same date.
. CREATE ADJUSTING JOURNAL ENTRIES FOR JANUARY 31, 2018:
Record the adjusting entry to record the use of the prepaid insurance coverage in January. The amount of the expired insurance coverage was $200. The previous months adjusting entries were made as required.
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