Question

In: Accounting

Use the following information to calculate and prepare the adjusting entry needed to record the amount...

Use the following information to calculate and prepare the adjusting entry needed to record the amount of expired insurance.

A 48 month insurance policy was purchased on March 1 2017 for $5,000.

Solutions

Expert Solution

Accounts Debit Credit
Insurance expense (5,000 * 10/48) 1041.67
Prepaid Insurance 1041.67
(to record insurance expense)

Or try entering round figure 1042

ekkarill92 answered 3 years ago
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