A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: $$\begin{array} { | c | c | c | c | c | }
\hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}$$

Question

A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}$$

A One-Year Insurance Policy Was Purchased on June 1 for $2,400