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At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,240 and Insurance Expense of $0. Th
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Answer #1
1)Journal entry:
Date Accounts Title Debit $ Credit $
31-Dec Insurance expense 1560 (6240*6/24)
Prepaid Insurance 1560
(insurance expense recorded)
2) T-Accounts:
Prepaid Insurance a/c
DEBIT AMOUNT $ CREDIT AMOUNT $
1-Jul 6240 31-Dec 1560
CB 4680
Insurance Expense a/c
31-Dec 1560
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