Record insurance expired for one month. Insurance was bought on June 4 for 2,700. Adjusting entry...

Question

Question

Record insurance expired for one month. Insurance was bought on June 4 for 2,700. Adjusting entry for June 30.

Answer 1

Answer #1

1.Assuming insurance is taken for the full year on june 4th.Hence insurance expense for 1 month will be 2700/12 = 225

Answer 2

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