Give adjusting entry to record insurance coverage expiring, Finance Basics

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Give adjusting entry to record insurance coverage expiring

Problem

Refer to the above data. On June 1, of the previous year, the park purchased a 12-month insurance policy. Give the adjusting entry to record insurance coverage expiring in January of the current year. (Hint: The company adjusts its books on a monthly basis.)

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Finance Basics: Give adjusting entry to record insurance coverage expiring

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Finance Basics: Give adjusting entry to record insurance coverage expiring

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