Question: Hello, im trying to find the adjusting entry for this but i am confused. On April 1, 2012, Cushman paid $7,200 for a three year

Hello,

im trying to find the adjusting entry for this but i am confused.

On April 1, 2012, Cushman paid $7,200 for a three year fire insurance policy and debited Prepaid insurance.On July 1, 2012, Cushman paid $1,800 for a one year policy on its delivery truck and debited Insurance expense.(There is only one Prepaid insurance account and one Insurance expense account.There should also be one adjusting entry.)

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