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Journalize the adjusting entry needed at March 31, the fiscal year-end, for the independent situations....

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Accounting

Journalize the adjusting entry needed at March 31, the fiscal year-end, for the independent situations. No other adjusting entries have been made for the year.

a)Equipment was purchased two years ago at a cost of $10,500. The equipment's useful life is seven years.

b) On September 1, when $1,500 was paid for one-year insurance policy, Prepaid insurance was debited and Cash was credited

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