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You purchase an insurance premium on July 1, 2022, and its effective for 1 year. You have to pay a total of $90 for the
You purchase an insurance premium on July 1, 2022, and its effective for 1 year. You have to pay a total of $90 for the first 2 months and $1120 for the last 10 months. The insurance coverage is cancelled if its not paid in full by October 15th, 2022. What would the journal entries look like on July 1st, September 1st, and September 30th for this insurance coverage?
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