Homework Answers
Solution
Requirement a
| Insurance expense | $ 7,570.00 | |
| Prepaid insurance | $ 7,570.00 |
.
| Insurance expense | $ 7,570.00 | |
| Prepaid insurance | $ 7,570.00 |
.
Prepaid insurance is expired for 7570 which means 7570 of insurance expense is incurred.
Insurance unexpired for $ 2,390 means insurance expired is (9960-2390=$7570).
Both adjustments have the same entry.
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Part 1:
Part 2:
Part 3:
Part 4:Part 5:
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Part 1:
Part 2:
Part 3:
Part 4:Part 5:
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