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Buffalo Tom Cruises Purchased a Five-Year Insurance Policy for Its

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Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2022 for $60,000.Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2022 is Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2022 for $60,000.Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2022 is

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