Question

Under Hart Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, Hart makes monthly estimated charges to Insurance expense with credits to Prepaid insurance. Additional information for the year ended December 31, 2014, follows:
Prepaid insurance at December 31, 2013 .......... $210,000
Charges to Insurance expense during 2014, including
a year-end adjustment of $35,000 ............. 875,000
Unexpired insurance premiums at December 31, 2014 ..... 245,000

Required:
What was the total amount of insurance premiums Hart paid during 2014?



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  • CreatedSeptember 10, 2014
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