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What is the journal entry for the following? The bank statement as of December 31, 2018 5)...

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Accounting

What is the journal entry for the following?

The bank statement as of December 31, 2018

5) The liability insurance policies were paid for two yearscoverage on July 1, 2018.

       Unadjusted        Adjusting         Income        Balance
TrialBalance          Entries      Statement          Sheet
ACCOUNTDRCRDRCRDRCRDRCR
Insurance Expense136000

Answer & Explanation Solved by verified expert
4.5 Ratings (845 Votes)
Insurance expense shows a debit balance of 136000 for 24 months However the policy was purchased on Jul 1 2018 and till 31 Dec    See Answer
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