On January 2, 2018, Superchunk purchased a general liability insurance policy for $2,700 for coverage for the calendar year. The entire $2,700 was charged to Insurance Expense on January 2, 2018. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2018, will be:

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The Answer of On January 2, 2018, Superchunk purchased a general liability insurance policy for $2,700 for coverage for the calendar year. The entire $2,700 was charged to Insurance Expense on January 2, 2018. If the firm prepares monthly financial statements, the proper adjusting entry on January 31, 2018, will be:

On January 2, 2018, Superchunk Purchased a General Liability Insurance