Solved: Steward recorded this payment by debiting insurance expense, Accounting Basics

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Steward recorded this payment by debiting insurance expense

Question - On August 1, 2015. Steward Company paid $6320 for three-year insurance policy. Steward recorded this payment by debiting Insurance Expense and crediting Cash. Show the related adjusting journal entry that will be required on December 31, 2015.

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Accounting Basics: Steward recorded this payment by debiting insurance expense

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