On April 1, 2010, Ram Co. paid insurance in advance for six months. The company adjusts its accounts every two months following a calendar year
On April 1, 2010, Ram Co. paid insurance in advance for six months. The company adjusts its accounts every two months following a calendar year basis. The trial balance on June 30, 2010, shows unexpired insurance with a balance of $5,000.
Instructions:
a. Calculate the amount paid for insurance on April
b. Prepare the adjusting entry on June 30, 1 e. What will the balance of unexpired insurance be on June 30's balance sheet?
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Authors: Hartgraves And Morse
6th Edition
1934319805, 978-1934319802
