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Question 188

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182. Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2018 for $60,000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2018 is <sup> </sup>182. Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2018 for $60,000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2018 is

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