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Adjusting entries. For each of the following adjusting entries, identify whether the entry is com If it is not correct, provi
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Answer #1

a. The entry is correct.

b. The entry is not correct as the property tax bill is payable but not receivable. Hence, the correct entry is

Tax expense 500

Tax Payable 500

c. The entry is not correct. The interest expense is payable and the correct entry is as follows

Interest expense 50

Interest Payable 50

d. The entry is not correct. The expired portion of insurance expense should be debited.

Insurance expense 250

Prepaid Insurance 250

e. The entry is correct.

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