National credit and cash purchased a general liability, Ask an Expert

Accounting

On January 2, 2010, National Credit and Cash purchased a general liability insurance policy for $2,400 for coverage for the calendar year. The entire $2,400 was charged to Insurance Expense on January 2, 2010. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2010, will be:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9437033

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