Horizon Retailers Ltd. purchased a 12-month insurance policy on April 1, 2023, for $3,000. At April 30, 2023, what adjusting journal entry should be recorded to account for the expiration of this asset?

Horizon Retailers Ltd. purchased a 12-month insurance policy on April 1, 2023, for $3,000. At April 30, 2023, what adjusting journal entry should be recorded to account for the expiration of this asset?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14EB: Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on...

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Question

What adjusting journal entry should be recorded to account for the expiration of this asset on these financial accounting question?

Horizon Retailers Ltd. purchased a 12-month
insurance policy on April 1, 2023, for $3,000. At
April 30, 2023, what adjusting journal entry should
be recorded to account for the expiration of this
asset?

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