The prepaid insurance shown above relates to a policy that, Ask an Expert

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XYZ Company records its adjusting entries at the end of every month. The following accounts were taken from the adjusted trial balance of XYZ Company at January 31, 2007:

Prepaid Insurance $5,330
Insurance Expense $ 410

The prepaid insurance shown above relates to a policy that, when purchased, was a 2-year policy. find out the number of months of the insurance policy that have expired (i.e., been used up). Assume XYZ Company has a year-end of December 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948430

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