siberian
Jun 17, 2010, 07:59 PM
The balance in the prepaid insurance account, before adjustment at the end of the year is $18,630.
Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment.
a. The amount of insurance expired during the year is $14,160.
b. The amount of unexpired insurance applicable to future periods is $4,470.
Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment.
a. The amount of insurance expired during the year is $14,160.
b. The amount of unexpired insurance applicable to future periods is $4,470.