Question

The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,700. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
(a) The amount of insurance expired during the year is $16,450;
(b) The amount of unexpired insurance applicable to future periods is $5,250.



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  • CreatedFebruary 28, 2014
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