How do I post:

Prepaid Insurance account showed the following entries for June 30:

Beginning Balance: $1,530
January 1: $2,900
May 1: $3,366

The beginning balance reprexents the unexpired portion of a 1-year policy purchased the previous year.
The January 1 entry represents a new one-year policy
The May 1 entry represents the additional coverage of a 3-year policy.


Next Question:

Account Cost Annual Depreciation
Buildings $185,000 $7,300
Equipment 281,000 21,800

And last one:

On June 1, the company completed negotiations with another client and accepted a payment of $31,000, represnting one year's sevice paid in advance. The $21,000 was credited to Services Collected in Advance.

Thanks