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Red Can Corporation paid $15,000 for four months' insurance in advance for October, November, December,...

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Accounting

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Red Can Corporation paid $15,000 for four months' insurance in advance for October, November, December, and January. Red Can Corporation has a December 31 year-end and adjust its accounts annually REQUIRED: a. Calculate the amount of insurance used at December 31, b. Prepare the adjusting journal entry required at December 31. Format V B 1 U V A/ b 11 + ... ACCOUNT TITLES AND DEBIT CREDIT DATE EXPLANATION L

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