Question: Your answer should be copy-able and formatted, not a screenshot. Thank you. Kreative Kitchens purchased a l-year insurance policy on 1 March 2017. The entire

Your answer should be copy-able and formatted, not a screenshot. Thank you.

Your answer should be copy-able and formatted, not a screenshot. Thank you.

Kreative Kitchens purchased a l-year insurance policy on 1 March 2017. The entire premium of $9000 was recorded by debiting Prepaid Insurance. Required A. Give the adjusting entry at 30 June for year ending 30 June 2017. B. What amount should the balance be for Prepaid Insurance? C. If no adjusting entry was made on 30 June, by how much would profit be overstated (too high) or understated (too low)? Would assets be overstated (too high) or understated (too low)? Explain. D. What would your adjusting entry in requirement A be if the premium of $9000 was recorded by debiting Insurance Expense? General Journal of Kreative Kitchens

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