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For each of the following situation determine the necessary adjustments A firm purchased a three-year insurance policy for $12600 on July 1 2016 The $12600 was debited to the Prepaid

For each of the following situations, determine the necessary adjustments. 1. A firm purchased a three-year insurance policy for $12,600 on July 1, 2016. The $12,600 was debited to the Prepaid Insurance account. What adjustment should be made to record expired insurance on the firm’s July 31, 2016, worksheet? 2. On December 1, 2016, a firm signed a contract with a local radio station for advertising that will extend over a two-year period. The firm paid $32,400 in advance and debited the amount to Prepaid Advertising.What adjustment should be made to record expired advertising on the firm’s December 31, 2016, worksheet?

May 22 2020 View more View Less

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