Solved: Prepare journal entries to record payment for the insurance, Accounting Basics

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Prepare journal entries to record payment for the insurance

Prepaid Expense

Response to the following problem:

Original Entry On August 1, the company paid $72,000 cash for a four-year insurance policy. The policy went into effect on August 1.

Make the journal entry necessary on the company's books to record the payment for the insurance on August 1.

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Accounting Basics: Prepare journal entries to record payment for the insurance

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Accounting Basics: Prepare journal entries to record payment for the insurance

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