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Question: question 1 milly inc purchased a 2 year insurance pollcy...

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Question #1 Milly Inc. purchased a 2 year insurance pollcy for $3,600 on June 1, 2015 with coverage starting on that date and recorded the purchase in prepald insurance. No adjustments have been made through the end of the year. A) What adjusting entry must be made at 12/31/15 Cr B) What is the balance in the Prepaid Insurance and Insurance Expense accounts at 12/31/15 after the adjusting entry is made? Prepaid Insurance s Insurance Expense mpts What adjusting entry must be made at 12/31/16 D) What is the balance in the Prepaid Insurance and Insurance Expense accounts at 12/31/16 after the adjusting entry is madd? Prepaid Insurance: s Insurance Expense:s Submit Question MacBook Air 8 9 O.
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