Question
In: Accounting
Prepare adjusting journal entry: The prepaid insurance on January 1, 2018 was $3400 which covers the...
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Prepare adjusting journal entry: The prepaid insurance on January 1, 2018 was $3400 which covers the period |
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| January 1 through August 31, 2018. The insurance premium of $6800 recorded | ||||||
| in August covers the period of September 1, 2018 through August 31, 2019. | ||||||
| Rockford estimates that 50% of the premiums are attributable to general | ||||||
| activities (Use Insurance Expense) and 50% to selling activities. (Use | ||||||
| Miscellaneous Expense). | ||||||
Solutions
Expert Solution
Solution:
| Journal Entries | |||
| Date | Particulars | Debit | Credit |
| 31-Dec-18 | Insurance Expense Dr | $2,833.50 | |
| Miscellenous expense Dr | $2,833.50 | ||
| To Prepaid Insurance ($3,400 + $6,800*4/12) | $5,667.00 | ||
| (To record insurance expense) | |||
ekkarill92 answered 2 years agoRelated Solutions
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