On October 1 of the current year,Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day.On the date of the payment,Morton recorded the following entry:
Prepare the required adjusting entry at December 31 of the current year.

Question

On October 1 of the current year,Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day.On the date of the payment,Morton recorded the following entry:
  Prepare the required adjusting entry at December 31 of the current year.

Quizplus · Accepted Answer

The Answer of On October 1 of the current year,Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day.On the date of the payment,Morton recorded the following entry:
  Prepare the required adjusting entry at December 31 of the current year.

On October 1 of the Current Year,Morton Company Paid $9,600