Accounting
Aubrae Company is making adjusting entries for the year ended December 31, 2014. In developing information for the adjusting entries, the accountant learned the following:

a.A two-year insurance premium of $5,520 was paid on October 1, 2014, for coverage beginning on that date.

b.At December 31, 2014, the following data relating to Shipping Supplies were obtained from the records and supporting documents.

Shipping supplies on hand, January 1, 2014

$

12,000

Purchases of shipping supplies during 2014

65,500

Shipping supplies on hand, counted on December 31, 2014

13,500

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