Adjusting entries for prepaid insurance The prepaid insurance account had a balance of $6,100 at the...

 

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Adjusting entries for prepaid insurance The prepaid insurance account had a balance of $6,100 at the beginning of the year. The account was debited for $6,800 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of unexpired insurance applicable to future periods is $1,100. If an amount box does not require an entry, leave it blank. Account Debit Credit b. The amount of insurance expired during the year is $11,800. If an amount box does not require an entry, leave it blank. Debit Credit Account Adjusting entries for prepaid insurance The prepaid insurance account had a balance of $6,100 at the beginning of the year. The account was debited for $6,800 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of unexpired insurance applicable to future periods is $1,100. If an amount box does not require an entry, leave it blank. Account Debit Credit b. The amount of insurance expired during the year is $11,800. If an amount box does not require an entry, leave it blank. Debit Credit Account

Answer rating: 100% (QA)

Given Working Given The amount of unexpired insura... View the full answer