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On July 1, 2019, Swifty Corporation pays $12.600 to Kalter Insurance Co.for a 3-year insurance contract. Both companies have

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Answer #1

Journal entry

date account and explanation Debit Credit
July 1 Prepaid insurance 12600
cash 12600
Dec 31 Insurance expense (12600/36*6) 2100
Prepaid insurance 2100

T account

Prepaid insurance
July 1 12600 Dec 31 2100
Dec 31 Bal 10500
Insurance expense
Dec 31 2100
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