a. Use the horizontal model or write the journal entry to record the payment of a one-year
Question:
a. Use the horizontal model or write the journal entry to record the payment of a one-year insurance premium of $9,000 on May 1, 2022.
b. Use the horizontal model or write the adjusting entry that will be made at the end of every month to show the amount of insurance premium “used” that month.
c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2022, balance sheet with respect to this policy.
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a b c At December 31 2022 8 months of insurance coverage has been used and 4 months remains unu...View the full answer
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Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
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