Business, 14.06.2021 16:00 Ramone7415
The prepaid insurance account had a balance of $9,400 at the beginning of the year. The account was debited for $10,400 for premiums on policies purchased during the year.
Journalize the adjusting entry required at the end of the year for each of the following situations:
a. The amount of unexpired insurance applicable to future periods is $3,730.
b. The amount of insurance expired during the year is $18,100.
Answers: 2
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The prepaid insurance account had a balance of $9,400 at the beginning of the year. The account was...
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