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Question 11. Question :
On April 1, 2011, a company paid
the $1,350 premium on a three-year insurance policy with
benefits beginning on that date. What will be the insurance
expense on the annual income statement for the year ended
December 31, 2011?
Question 12. Question :
entries is to:
The main purpose of adjusting
Record external transactions and events
Record internal transactions and events
Recognize assets purchased during the
period
Recognize debts paid during the period
Correct errors
Question 13. Question :
the financial statements as:
Unearned revenue is reported on
A revenue on the balance sheet
A liability on the balance sheet