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Adjustment for Prepaid Expense The prepaid Insurance account had a beginning balance of $11,500 and was...
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The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $13,000. Refer to the Chart of Accounts for exact wording of account titles.Journal Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $13,000....
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The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of unexpired insurance applicable to future periods is $4,800. If an amount box does not require an entry, leave it blank. Insurance Expense Prepaid Insurance ✓ b. The amount of...
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:a. The amount of insurance expired during the year is $20,250. If an amount box does not require an entry, leave it blank. b. The amount of unexpired insurance applicable to future periods is $6,750. If an amount box does not require an...
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> You need to add the beginning balance of 11,500 and the debited amount of 18,000
11500+18000= 29500
Then subtract the unexpired insurance to future periods of 13,000
29500-13000 = 16500
Insurance expense is debited 16,500
Prepaid Insurance is credited 16,500
nat22 Mon, May 10, 2021 2:04 PM