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senpic
Sep 9, 2008, 07:00 PM
on July 1, 2008, Lamis company paid $1,200 for six months of insurance coverage. No adjustments have been made to the prepaid insurance account, and it is now December 31, 2008. Prepare the journal entry to reflect expiration of the insurance as of December 31, 2008.
plonak
Sep 10, 2008, 11:38 AM
1200 *6/12= 600

<Debit> Insurance Expense 600
<Credit> Prepaid Insurance 600