XYZcom pays $4,800 for 12 months insurance in July. Rather than recording the whole amount against...
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XYZcom pays $4,800 for 12 months insurance in July. Rather than recording the whole amount against July’s expenses, it wishes to show the expense equally across the periods for which it paid the premium. In other words, rather than showing a $4,800 expense for July it wishes to use prepayments to show a $400 expense in all months.
Show the general journal transactions for July. The general journal transaction number is GL7, the insurance account is 6010, and the prepaid insurance 1945. The transaction is processed on the 31st July.
Homework Answers
Journal entry
| Date | account and explanation | Post ref | Debit | Credit |
| 31st July | Prepaid insurance | 1945 | 4800 | |
| Cash | 4800 | |||
| Insurance expense | 6010 | 400 | ||
| Prepaid insurance | 1945 | 400 | ||
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