Purchased a two-year building insurance policy on November 1st for $365,000 cash.
[Adjusting Entry Required]
Date | Account | Debit | Credit |
---|---|---|---|
Dec 31 | Insurance expense | 30,417 | |
Prepaid Insurance | 30,417 | ||
(365,000/24 months) * 2 months
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Purchased a two-year building insurance policy on November 1st for $365,000 cash. [Adjusting Entry Required]
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