The prepaid insurance account had a beginning balance of $3,565 and was debited for $6,960 of...

   

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The prepaid insurance account had a beginning balance of $3,565 and was debited for $6,960 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,900. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts ASSETS CHART OF ACCOUNTS General Ledger 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense Journal Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $2,900. Refer to the Chart of Accounts for exact wording of account titles. 1 2 DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS PAGE 10 LIABILITIES EQUITY The prepaid insurance account had a beginning balance of $3,565 and was debited for $6,960 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,900. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts ASSETS CHART OF ACCOUNTS General Ledger 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense Journal Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $2,900. Refer to the Chart of Accounts for exact wording of account titles. 1 2 DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS PAGE 10 LIABILITIES EQUITY

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Date Description Dec 31 Insura... View the full answer