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Question(s) / Instruction(s):

     27.     Prepare journal entries to record the following transactions regarding a fire insurance policy purchased by Chang Electronics. Chang's business operates on a calendar-year basis.
          a.     April 1, 2008 - Chang arranges to buy fire insurance. He receives a bill for $10,000 for an insurance policy that covers the period April 1, 2008 through March 31, 2009.
          b.     April 10 - Chang pays the insurance bill.
          c.     December 31- Chang prepares financial statements for the year ended. December 31, 2008. He prepares an adjusting entry regarding insurance.

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