Question
On July 1 2011 you bought an insurance policy for 4 years in advance for $2400, you debited prepaid insurance. You forgot to adjust as
On July 1 2011 you bought an insurance policy for 4 years in advance for $2400, you debited prepaid insurance. You forgot to adjust as of December 31, 2011. What is the correcting entry as of 2012, assuming the books are closed for 2011?
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Internal Auditing Assurance And Advisory Services
Authors: Kurt R. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Cris Riddle
3rd Edition
0894137409, 978-0894137402
