Provide the journal entry for the following: 1) Two insurance policies provide the insurance coverage for...

Provide the journal entry for the following:

1) Two insurance policies provide the insurance coverage for the law firm. Policy one was purchased on July 1, last year for $2,064 and provides 24 months of liability coverage. Policy two was purchased on January 2, this year for $1,260 and is also a 24 month policy covering the business equipment.

2) Accrued interest on all short-term and long-term notes payable totals $425 for the quarter.

3) The automobile used by the business cost $30,500. It is estimated that this vehicle will depreciated to a salvage value of $4,500 over 5 year period. This is a net cost of $26,000 that will be depreciated over 60 months at $5,200 per year.

Expert Solution

ekkarill92 answered 2 years ago

Two insurance policies provide the insurance coverage for the law firm. Policy one was purchased on July 1, last year for $2,064 and provides 24 months of liability coverage.

How do I record this adjusted entry.Two insurance policies provide the insurance coverage for the law firm. Policy one was purchased on July 1, last year for $2,064 and provides 24 months of liability coverage. Policy two was purchased on January 2, this year for $1,260 and is also a 24 month policy covering the business equipment.

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