Solution :
Date | Account Title and Explanation | Debit | Credit |
July 01, 2019 | Prepaid Insurance | $ 26,800 | |
Cash | $ 26,800 | ||
(To record the payment of insurance) | |||
Dec 31, 2019 | Insurance Expenses ($ 26,800 / 48 * 6) | $ 3,350 | |
Prepaid Insurance | $ 3,350 | ||
(Adjusting Entry to Record the Insurance Exenses) |
Prepaid Insurance A/c
July 01, 2019 | Cash | $ 26,800 | Dec 31, 2019 | Insurance | $ 3,350 |
Dec 31, 2019 | Balance | $ 23,450 |
Insurance A/c :
Dec 31, 2019 | Prepaid Insurance | $ 3,350 |
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