Brown Corporation purchased a 1-year insurance policy on March 1 of the current year and paid...
Brown Corporation purchased a 1-year insurance policy on March 1 of the current year and paid the entire premium of $3,600 in advance. The payment was recorded to Prepaid Insurance, and Brown uses a calendar year. Which of the following is the correct adjusting entry for this transaction at the end of the current year?
Homework Answers
| Adjusting entry | |||||||
| Account titles | Debit | Credit | |||||
| Insurance expense | 3000 | ||||||
| prepaid insurance | 3,000 | ||||||
| (3600/12)*10 | |||||||
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Brown Corporation purchased a 1-year insurance policy on March 1
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