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Exercise 5 - 2 1 ( Algo ) Prepaid expenses - insurance LO 5 - 1 0 [ The following information applies to the questions
Exercise Algo Prepaid expensesinsurance LO
The following information applies to the questions displayed below.
A company makes the payment of a oneyear insurance premium of $ on April
Exercise Algo Part b
b Prepare the adjusting entry that will be made at the end of every month to show the amount of insurance premium "used" that
month.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
A
Record the expiration of prepaid insurance each month.
Note: Enter debits before credits.
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