Question
The prepaid insurance account had a beginning balance of $6,130 and was debited for $3,490 of premiums paid during the year. Journalize the adjusting entry
The prepaid insurance account had a beginning balance of $6,130 and was debited for $3,490 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $4,140. If an amount box does not require an entry, leave it blank.
insurance expense ?
prepaid insurance ?
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
4th Canadian edition
978-1118856994
