Oakland Farms purchased a one-year insurance policy for $36,000 on October 1, 2019. At the...
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Oakland Farms purchased a one-year insurance policy for $36,000 on October 1, 2019. At the beginning of the year (1/1/2019), they had $18,000 in prepaid expenses for insurnace. What is the necessary adjustment, journal entry, income statement adjustment, and balance sheet entry?
What is the necessary adjustment, journal entry, income statement adjustment, and balance sheet entry?
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