On January 2, 2011, National Credit and Cash purchased a general liability insurance policy for $ £ 3,600 $ for coverage for the calendar year. The entire $ £ 3,600 $ was charged to Insurance Expense on January 2, 2011. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2011, will be:

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The Answer of On January 2, 2011, National Credit and Cash purchased a general liability insurance policy for $ £ 3,600 $ for coverage for the calendar year. The entire $ £ 3,600 $ was charged to Insurance Expense on January 2, 2011. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2011, will be:

On January 2, 2011, National Credit and Cash Purchased a General