44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February 1, 2019 through January 31, 2021. Urban Pro's year-end is March 31, 2019 a. What entry is made on January 18, 2019? b. What adjusting entry should be made on March 31, 2019 before the financial statements are prepared for the year ending March 31, 2019?
44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February 1, 2019 through January 31, 2021. Urban Pro's year-end is March 31, 2019 a. What entry is made on January 18, 2019? b. What adjusting entry should be made on March 31, 2019 before the financial statements are prepared for the year ending March 31, 2019?
Chapter21: Partnerships
Section: Chapter Questions
Problem 55P
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Transcribed Image Text:44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February
1, 2019 through January 31, 2021. Urban Pro's year-end is March 31, 2019
a. What entry is made on January 18, 2019?
b. What adjusting entry should be made on March 31, 2019 before the financial statements are
prepared for the year ending March 31, 2019?
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