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On July 1 2011 you bought an insurance policy for 4 years in advance for $2400, you debited prepaid insurance. You forgot to adjust as of December 31, 2011.

A. What is the correcting entry as of 2012, assuming the books are closed for 2011?

B. Use the same information given above except on July 1, 2011 you debited insurance expense for $2400.

What is the correcting entry in 2012 assuming the books in 2011 are closed?

Accounting Basics, Accounting

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