how do I journalize this equation
Homework Answers
| Date | Particulars | Debit | Credit |
| April 31 | Prepaid Insurance | $2,000.00 | |
| Bank | $2,000.00 | ||
| (Being Paid Insurance paid for 2 years) | |||
| May 1 | No Journal Entry | ||
| May 31 | Insurance expense ($2000/24 months) | $83.33 | |
| Prepaid Insurance | $83.33 | ||
| (Being Released expenses for May month) |
| Date | Particulars | Debit | Credit |
| November 12 | Land A/c | $50,000 | |
| Accounts Payable | $50,000 | ||
| (Being Purchased land for $50,000) |
Note:- Since date was not clear for Insurance Premium, i assumed it is April 31. Since insurance starts from May 19 , there will not be any impact on JE in April Month.
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how do I journalize this equation
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