1. On June 1, 20X5, an entity paid $14,400 to renew its one-year general insurance policy, effective the date purchased. Insurance expense was debited for this premium. The entity paid $13,200 in the previous year. What's the adjusted journal entry?

2. The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period, 7,900 tons were completed. The ending work in process inventory was 1,000 tons (30% complete). What are the total equivalent units for conversion costs? In your own words what is process costing?

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