On June 1, 2019, a firm purchased a 1-year insurance policy for $7,500 and paid the...
On June 1, 2019, a firm purchased a 1-year insurance policy for $7,500 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is
-
$4,375.
-
$5,000.
-
$7,500.
-
$2,500.
Homework Answers
Answer: $4,375
Explanation
Insurance policy taken for one year on June 1,2019. Year ending is December 31,2019.
Months between June to December are 7 months.
So that insurance expense should be calculated for 7 months.
Insurance Expense = $7,500 x (7 months/12 months)
= $7,500 x 7/12
=$4,375
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