Question
Assume Idaho Company recorded the following adjusting journal entry at year-end: Insurance expense $ 3,500 Prepaid insurance $ 3,500 If the beginning balance in prepaid
Assume Idaho Company recorded the following adjusting journal entry at year-end:
| Insurance expense | $ | 3,500 | ||||
| Prepaid insurance | $ | 3,500 |
If the beginning balance in prepaid insurance was $500 and $4,500 was paid for an insurance premium during the year, what is the ending balance in the prepaid insurance account after the above adjusting entry?
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The Internal Auditing Pocket Guide Preparing Performing Reporting And Follow Up
Authors: J.P. Russell
2nd Edition
1636941303, 978-1636941301
