Homework Answers
Journal
| a | Insurance expense | 22,500 | |
| Prepaid insurance | 22,500 | ||
| b | Insurance expense | 22,500 | |
| Prepaid insurance | 22,500 |
a)
Prepaid insurance, beginning = $7,000
Insurance paid during the year = $24,000
Prepaid insurance, ending = $8,500
Insurance expense = Prepaid insurance, beginning + Insurance paid during the year - Prepaid insurance, ending
= 7,000 + 24,000 - 8,500
= $22,500
b)
Insurance expired = $22,500
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