Question: At the end of Year 1 Jayrad Company paid 6 000

At the end of Year 1, Jayrad Company paid $6,000 for insurance coverage for Year 2. It recorded this by debiting Insurance Expense and crediting Cash, but failed to record a year-end adjustment. Upon discovery of this error in Year 2, what correcting journal entry will Jayrad Company make? Ignore income taxes.

View Solution:

Sale on SolutionInn
  • CreatedDecember 09, 2013
  • Files Included
Post your question