Question
An analysis of Econo Co.'s unadjusted prepaid expense account at December 31, 2015, revealed the following: An opening balance of $2,000 for Econo's comprehensive insurance
An analysis of Econo Co.'s unadjusted prepaid expense account at December 31, 2015, revealed the following:
An opening balance of $2,000 for Econo's comprehensive insurance policy. Econo had paid an annual premium of $4,000 on July 1, 2014.
A $4,250 annual insurance premium payment made July 1, 2015.
A $2,700 advance rental payment for a warehouse Econo leased for one year beginning January 1, 2016.
Required:
In its December 31, 2015 balance sheet, what amount should Econo report as prepaid expenses?
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Accounting
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
Volume 1, 2nd canadian Edition
176509739, 978-0176509736, 978-0176509743
