Homework Answers
Three year ( 3 x 12 = 36 months ) insurance policy is purchased on July 1
Expired period of Insurance from July 1 to December 31 = 6 months
So, Amount that is to be transferred from Prepaid Insurance account to Insurance Expense account
= Total amount of prepaid Insurance / Total months x Expired Period
= $5,400 / 36 x 6
= $900
The following Journal Entry will be made
| Date | Description | Debit | Credit |
| xxxx | Insurance Expense | 900 | |
| Prepaid Insurance | 900 | ||
| ( Being amount of expired insurance transferred to expenses ) | |||
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