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Trans Company debited prepaid insurance for $1,320 on July 1, 2017 for a one-year fire...

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Accounting

Trans Company debited prepaid insurance for $1,320 on July 1, 2017 for a one-year fire insurance policy, if the company prepares monthly financial statements, failure to make an adjusting entry on July 31 for the amount of insurance that has expired would cause?

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