. Make all 16 adjustments to journal entries. Remember to
include a description under each journal entry.
1
On March 1, ABC purchased a
one-year liability insurance policy for $98,400.
Upon purchase, the following journal entry was
made:
Dr Prepaid insurance
98,400
Cr Cash
98,400
The expired portion of insurance must be recorded
as of 12/31/14.
Notice that the expired portion from March through
November has been recorded already.
Make sure that the Prepaid Insurance balance after
the adjusting entry...