Please help me and explain how I apply the numbers on these boxes. Be clear
Homework Answers
--Requirement
| Prepaid Insurance | |||
| 01-Jul | $14,000 | 31-Dec | $7,000 |
| 31 Dec: End Bal | $7,000 | ||
| Insurance Expense | |||
| 31 Dec: Adj | $7,000 | ||
>Prepaid Insurance is paid on 1st July for 1 year (for 12 months) will be debited to Prepaid Insurance.
>On 31 Dec, no of months that have been expired since 1st July = 6 months.
>This means that for 6 months, the insurance is expired. This is to be recorded as an Insurance Expense.
>Insurance expense to be adjusted = $ 14000 x 6 months / 12 months = $ 7000
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Please help me and explain how I apply the numbers on these
boxes. Be clear
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