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I feel like im missing something a Propaid Insurance. The Prepaid insurance account has 56,000 de balance to start the yout: Arview on policistitiws that
I feel like im missing something
a Propaid Insurance. The Prepaid insurance account has 56,000 de balance to start the yout: Arview on policistitiws that $1,550 of unexpired itsurance remains a year end. DR or CR? Step 1: Determine what the current account balance equals. 6,000 Debit Prepaid Insurance 6,000 4500 1,500 Step 2: Determine what the current account balance should equal, 1500 Debit Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Adjusting Entry Insurance expense Prepaid insurance Debit Credit 4500 4,500 b. Prepaid Insurance. The Prepaid Insurance account has a 57,190 debit balance at the start of the year. A review of insurance policies shows $1.560 of insurance has expired by year enda Step 1: Determine what the current account balance equals DR O CR? 7.190/Debit S Prepaid Insurance 7.190 5.630 1,560 Step 2 Determine what the current account balance should equal S 1560 Debit Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Adjusting Entry Insurance expense Prepaid insurance Credit Debit 5.630 5.630 c. Prepaid Ront.On September of the current year, the company prepaid $39,600 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $39,500 Step 1: Determine what the current account balance equats Prepaid Rent Step 2 Determine what the current account balance should equal 0 Step 3: Record the December 31 adjusting entry to get from step to 2 Step by Step Solution
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