Business, 09.09.2020 18:01 shannynichole

On 12/31/24, the Cheboygan Company paid $4,000 of prepaid insurance and expensed the entire amount. The policy covered the period 1/1/25 to 12/31/28. The error was discovered on 1/10/27; the 2026 books are still open. 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 $4,000 of prepaid insurance and expensed the entire amount....

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