Mathematics, 26.01.2020 20:31 jaystarr9395
Prepaid insurance: the prepaid insurance account has a $5,000 debit balance to start the year. a review of insurance policies and payments shows that $1,000 of unexpired insurance remains at the end of the year.
1. the beginning balance of prepaid insurance: (5 pts)
2. the amount to be adjusted (show your calculation): (5 pts)
3. the ending balance of the account after the adjustment (show your calculation): (5 pts)
4. adjusting journal entry ( include description): (10 pts)
date account debit credit
Answers: 1
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Prepaid insurance: the prepaid insurance account has a $5,000 debit balance to start the year. a re...