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Tanya [424]
2 years ago
10

On july 1, book palace prepaid 12 months' fire insurance with coverage starting the following month. the adjusting entry on dece

mber 31 includes?
Business
1 answer:
pochemuha2 years ago
6 0

The adjusting entry on December 31 includes <u>a debit to Insurance</u> <u>Expense; a credit to </u><u>Prepaid Insurance</u>

This is further explained below.

<h3>What is fire insurance?</h3>

Generally, A valid contract even against loss or damage caused by an unintentional fire or other incidents that are normally covered under a fire policy is what is known as fire insurance.

The term "fire insurance" refers to a kind of homeowners insurance that compensates the policyholder for financial losses and damages brought on by the fire.

In conclusion, There is often some level of fire protection included in the majority of plans; however, homeowners may be able to obtain extra coverage in the event that their property is destroyed or damaged as a result of the fire.

Read more about fire insurance

brainly.com/question/27822778

#SPJ1

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8 0
2 years ago
To say that "the U.S. public debt is mostly held internally" is to say that:_______ a. the bulk of the public debt is owned by U
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Explanation: To say that "the U.S. public debt is mostly held internally" is to say that:<u> the bulk of the public debt is owned by U.S. citizens and institutions.</u>

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7 0
3 years ago
foreign steel exports, a company based in brazil, colludes with other steel-export companies from around the world to agree on t
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This type of agreement is a violation of the Sherman Act.

A piece of antitrust law from the United States, the Sherman Antitrust Act of 1890, established the idea of unlimited competition between companies. It was authorized by Congress, and its main author is Senator John Sherman. The Sherman Act forbids "any contract, combination, or conspiracy in restraint of trade," as well as "every monopolization, attempted monopolization, conspiracy, or combination to monopolize." In order to avoid monopolistic alliances that impede trade and erode economic competition, the Sherman Antitrust Act was created in 1890. It prohibits both formal cartels and attempts to monopolize any sector of American commerce.

To learn more about Sherman Act: brainly.com/question/2119756

#SPJ4

7 0
1 year ago
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