Question

Save Homework: Homework - Chapter 03 Score: 0 of 2 pts 1 of 5 (0 complete) E3-15A (similar to) HW Score: 0%, 0 of 10 pts Question Help Calculate the missing amounts for each of the following Prepaid Insurance situations. For situation A joumalize the adjusting entry. Consider each situation separately. Click the icon to view the table.) Calculate the missing amounts Situation Beginning Prepaid insurance........ Payments for Prepaid insurance during the year Total amount to account for Ending Prepaid insurance .. Insurance expense Enter any number in the edit fields and then click Check Answer A parts 4 remaining Clear All Check Answer

Answer 1

Solution:

Particulars	Situation
	A	B	C	D
Beginning prepaid insurance	$550.00	$1,100.00	$800.00	$500.00
Payments for prepaid insurance during the period	$1,500.00	$1,200.00	$1,600.00	$1,400.00
Total amount to account for	$2,050.00	$2,300.00	$2,400.00	$1,900.00
Ending prepaid insurance	$900.00	$1,000.00	$1,200.00	$1,300.00
Insurance expense	$1,150.00	$1,300.00	$1,200.00	$600.00

Journal Entries
Event	Particulars	Debit	Credit
A	Insurance expense Dr	$1,150.00
	To Prepaid insurance		$1,150.00
	(To record insurance expense)