X Company has several insurance policies covering different periods. On the Balance Sheet, Prepaid Insurance at...

X Company has several insurance policies covering different periods. On the Balance Sheet, Prepaid Insurance at the beginning of the period was $23,316; Prepaid Insurance at the end of the period was $25,701. Insurance expense for the period was $30,393. What were the insurance premium payments during the period?

Expert Solution

Prepaid insurance a/c:

To beginning balance	23316	By expenses	30393
To cash(balance)(56094-23316)	$32778.	By ending balance	25701
Total	56094	Total	56094

ekkarill92 answered 2 years ago

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