Homework Answers
Insurance utilised in current year for only seven months(out of total twenty four months)
Prepaid insurance = $3408*17/24=$ 2414
Journal entries would be:
Prepaid insurance Dr $2414
To Insurance Expenses $2414
Therefore Option D is the correct answer!
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QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded...
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