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

Question

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

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

On November 1 of the Current Year, Salinger Company Paid