The prepaid insurance account had a beginning balance of $4,030 and was debited for $2,180 of...
The prepaid insurance account had a beginning balance of $4,030 and was debited for $2,180 of premiums paid during the year.
Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,550. If an amount box does not require an entry, leave it blank.
Homework Answers
| General Journal | Debit | Credit |
| Insurance Expense($4,030 + $2,180 - $2,550) | $3,660 | |
| Prepaid Insurance | $3,660 |
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Disregard the Xs, it's there becuase I got the answer wrong. eBook Calculator Show Me How...
Disregard the Xs, it's there becuase I got the answer
wrong.
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Disregard the Xs, it's there becuase I got the answer
wrong.
eBook Calculator Show Me How Adjusting Entries for Prepaid Insurance The prepaid insurance account had a balance of $4,600 at the beginning of the year. The account was debited for $5,100 for premiums on policies purchased during the year. Journalize the adjusting entry required at the end of the year for each of the following situations: a. The amount of unexpired insurance applicable to future periods is $900. If...
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