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The insurance premium outstanding on January 2, 2018, covers the period January 1 through August 31, 2018. The insurance premium of $9,300 recorded in August
The insurance premium outstanding on January 2, 2018, covers the period January 1 through August 31, 2018. The insurance premium of $9,300 recorded in August covers the period of September 1, 2018 through August 31, 2019.
Prepaid Insurance 1/1 Balance is $3220. 11/30 Balance is $11,020.
What is the adjusting journal?
I got Insurance Insurance Expense $6320 Dr. Prepaid Insurance $6320 Cr.
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