Question

In: Accounting

What will be the general journal entry to record the insurance usage for the month ending November 30, 2018?

A 6-month liability insurance policy was purchased on August 1, 2018 for $438.00 and an


8-month vehicle insurance policy was purchased on November 1, 2018 for $650.00














What will be the general journal entry to record the insurance usage for the month ending November 30, 2018?

Solutions

Expert Solution

  • Policy #1 purchased on Aug 1 = $ 438 for 6 months.
    1 month Insurance expense = 438 / 6 = $ 73
  • Policy #2 purchased on Nov 1 = $ 650 for 8 months
    1 month Insurance expense = 650 / 8 = $ 81.25
  • Journal Entry

Date

Accounts title

Debit

Credit

30 Nov 18

Insurance Expense [73 + 81.25]

$            154.25

   Prepaid Insurance

$        154.25

(Insurance expired for Nov)

ekkarill92 answered 3 years ago
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