The Company has three insurance policies. Information pertaining to each policy is below: Policy #1: Annual cost:
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The Company has three insurance policies. Information pertaining to each policy is below:
Policy #1: Annual cost: $48,000 Paid on Jan 1
Policy #2: Annual cost: $66,000
Paid in 4 equal installments on the first day of each calendar quarter
Policy #3 Annual cost: $33,000 Paid 1/3 on Jan 1 Paid 1/5 on Mar 1 Paid 1/12 on Jun 1 Remainder paid on Dec 31.
What are the insurance-related general ledger balances on each of Mar 31, Jun 30, Sept 30 and Dec 31?
Related Book For
Introduction to Management Accounting
ISBN: 978-0133058789
16th edition
Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta
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