Ask Experts Questions for FREE Help !
Ask
    yankz's Avatar
    yankz Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Nov 11, 2010, 09:23 PM
    Accounts
    The Prepaid Insurance account, before the 2007 adjusting journal entries, showed a balance of $2,000. An analysis of the insurance policies showed that $400 of unexpired benefits remain on the policies at December 31. The adjusting journal entry to reflect this information would be:
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Nov 11, 2010, 09:51 PM

    Debit Insurance Expense for the difference between the begininng balance and the ending balance
    Credit Prepaid Insurance for the amount of insurance used in the period.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Entries for offsetting of accounts payable against accounts receivables [ 3 Answers ]

For example we have receivables and payables with the same customer... instead of collecting and paying we offset the receivables from the payables how do I make the debit and credit memos on the transactions

If a company has $49,800 in Accounts Payable, $117,375 in Accounts Receivable, $306,0 [ 1 Answers ]

If a company has $49,800 in Accounts Payable, $117,375 in Accounts Receivable, $306,000 in Cash and $7,500 in Supplies, what is the net income for this company? Explain answer.

Cash Conversion Cycle. Calculate the accounts receivable period, accounts payable per [ 1 Answers ]

Cash Conversion Cycle. Calculate the accounts receivable period, accounts payable period, Inventory period, and cash conversion cycle for the following firm: Income statement data: Sales 5,000 Cost of goods sold 4,200 Balance sheet data: Beginning of Year ...

Accounts for Par Value of Stock and Accounts for Paid in Capital [ 1 Answers ]

Why do we have one account for the Par Value of Stock that has been issued and another account for Paid in Capital? Any help I can get with this question will be greatly appreciated!:)

What is the difference between accounts payable and accounts receivable? [ 1 Answers ]

What is the difference between accounts payable and accounts receivable?

View more questions Search