10 Nov I have to prepare an adjusting entry for Dec 31, 2
I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company’s insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at $11400. Policy B Purchased on April 1, 2008 for 36 months at $10200. Policy C Purchased on August 1, 2008 for 12 months at $9000. The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.) I can’t seem to figure out how much money to debit insurance expense for and to credit prepaid insurance. Can anyone help? THANKS.
Order an Excellent Paper with Bonpapers.com Writing Service
Bonpaper is a Custom Research Paper Writing service based in USA that is Available 24/7 to cater your needs. We have huge experience of writing essays about every possible topic. We have access to the online libraries, peer-journals, and news sites which makes it possible to gather enough data about the topic.
We provide the plagiarism-free and grammatically perfect essay writing service to our clients. We have written hundreds of essays so far and our clients have gained excellent results as well.
Need Assignment Help?