[Abcfitz44]

I have to complete a work sheet and a couple of my adjustments state:
a) Prepaid insurance represents a three year policy purchsed April 1, 19X1
b) the cost of equipment is being depreciated over a 15-year estimated life using the straight-line method. Salvage value is ignored.

The account balances as of March 31, 19X2(end acct. per.):
Prepaid Insurance $360
Equipment $15,000
Accumulated Depreciation- Equipment $4,500
I'm just not understanding what they want me to do here, I do understand how to do adjustments and the straight-line method, I'm just not sure what entries I should be making for my adjustments.

This is not for homework, thank you!

[Criado]

You should recognized the expire portion of the insurance from Apr 1, 19X1 to March 31, 19X2; and accumulated depreciation for the equipment.

[Abcfitz44]

I ended up getting it almost right after I sent this post... I just forgot to sent something about it... but thank you anyway... sorry about that! Have a good one!