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On October 1 of the current year,Morton Company paid $9,600 cash for a one-year insurance policy that took effect on that day.On the date of the payment,Morton recorded the following entry:
Prepare the required adjusting entry at December 31 of the current year.
Inventories
The stock of goods or materials that a company holds for the ultimate goal of resale or production.
Investment
The purchase of new plants, new equipment, new buildings, and new residences, plus net additions to inventories.
Nominal GDP
The total market value of all goods and services produced in a country in a given period, measured using current prices without adjusting for inflation.
Current-Year Prices
Prices of goods and services measured during the same year they are produced, not adjusted for inflation; also referred to as "nominal prices."
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