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Answer Debit Credit Date July 1,2017. In the Books of Major Company General Journal Particulars Prepaid insurance Cash (To record preepaid insurance for 3 years) 15120 15120 2520 December 31, 2 Insurance expense (15120/36*6) Prepaid insurance (To record insurance expense) 2520 Note In jounal entry date 31 december 2017, insurance expense has been booked because insurance has been expired for 6 months and expense for the same has to be booked insurance expense = premium * expired period / total period = 15120*6/36 -= $ 2520

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