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Business, 12.08.2020 04:01 quincytonia

On 12/31/24, the Cheboygan Company paid $2,000 of prepaid insurance and expensed the entire amount. The policy covered the period 1/1/25 to 12/31/26. The error was discovered on 1/10/26; the 2025 books are closed. The correcting journal entry will include what entry to 1/1/26 Retained Earnings?

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On 12/31/24, the Cheboygan Company paid $2,000 of prepaid insurance and expensed the entire amount....
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