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make adjusting entries with calculation and explanation The Prepaid Insurance account showed an opening balance on January 19, 2018 of $1,200 representing the 3 months

make adjusting entries with calculation and explanation
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The Prepaid Insurance account showed an opening balance on January 19, 2018 of $1,200 representing the 3 months remaining on a 1-year insurance policy bought on April 1, 2017 At the expiration of this policy on March 31, 2018, the owner paid $6,000 for another 1 year policy. At year end, the accounting manager incorrectly debited Insurance Expense instead of Prepaid Insurance to record the purchase of this renewal on March 31, 2018 The Dental Supplies account showed an opening balance of $1,900 on January 1, 2018 During the year, the owner used Dental Supplies asset account to record the purchase of another $2,985 of supplies. The year-end physical count of office supplies inventory only Date Account Titles Debit Credit O c) The Prepaid Insurance account showed an opening balance on January 14, 2018 of $1,200 representing the 3 months remaining on a 1-year insurance policy bought on April 1, 2017 At the expiration of this policy on March 31, 2018, the owner paid $6,000 for another 1 year policy. At year end, the accounting manager incorrectly debited Insurance Expense instead of Prepaid Insurance to record the purchase of this renewal on March 31, 2018

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