Hang On Publishing Company publishes The Accountant magazine and sells one-year subscriptions to its customers. On...
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Hang On Publishing Company publishes The Accountant magazine and sells one-year subscriptions to its customers. On April 1, 2019, the company prepays an annual insurance policy of $15,000, covering the period of 4/1/2019 – 3/31/2020. How much Insurance Expense should the company recognize for the period ended December 31, 2019? Assume the company uses an annual accounting period and makes all adjusting entries on December 31st.
a. $1,250.
b. $15,000.
c. $0.
d. $11,250.
e. $3,750.
Homework Answers
Insurance expense should be reported
= (15,000/12) * 9
= 1250 * 9
= 11,250
Option D is the answer
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