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44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February1, 2019 through January 31, 2021. Urban Pro's year-end is March 31, 2019a. What entry is made on January 18, 2019?b. What adjusting entry should be made on March 31, 2019 before the financial statements areprepared for the year ending March 31, 2019?

Question
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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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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Step 1

a)

 

...
Accounts Titles and explanation
Date
Debit
Credit
January
18,2019
S36,000
Prepaid insurance
$36,000
Cash
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Accounts Titles and explanation Date Debit Credit January 18,2019 S36,000 Prepaid insurance $36,000 Cash

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