Use the information to prepare adjusting entries as of December 31, 2018.
Homework Answers
Answer
- All working forms part of the answer
- Working
|
Cost |
Months |
Insurance cost per month |
Months in 2018 |
Insurance Expense for 2018 |
|
|
Policy |
[A] |
[B] |
[C = A'B] |
[D] |
[E = C x D] |
|
A |
$11,832 |
24 |
$493 |
12 |
$5,916 |
|
B |
$10,584 |
36 |
$294 |
12 |
$3,528 |
|
C |
$9,432 |
12 |
$786 |
5 |
$3,930 |
|
Total Insurance Expense for 2018 |
$13,374 |
||||
- Adjusting entry
|
Date |
Accounts title |
Debit |
Credit |
|
31-Dec-18 |
Insurance Expense [5916 + 3528 + 3930] |
$13,374 |
|
|
Prepaid Insurance Expense |
$13,374 |
||
|
(Insurance expired for 2018) |
--Note: Based on above working, separate adjusting entries can be recorded for each Policy.
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Use the information to prepare adjusting entries as of December
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