Homework Answers
Paid for Insurance in advance on October 1st = $5,520
Number of months expired till December 31 = 3 months
Amount of insurance expense to be recorded on December 31st = $5,520 * 3months / 12 months = $1,380
Adjusting entry on December 31st will be
| Date | Description | Post ref | Debit | Credit | Assets | Liabilities | Equity |
| Dec 31 | Insurance expense | 52 | $1,380 | $0 | $0 | -$1,380 | |
| Prepaid Insurance | 14 | $1,380 | -$1,380 | $0 | $0 |
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