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View Full Version : Need help on preparing an adjusting entry on November 30


MrsGrines
Feb 12, 2012, 02:34 PM
Assuming it recorded the November 1 expenditure as Unexpired Insurance

pready
Feb 12, 2012, 03:00 PM
Once you have calculated one month of insurance used, your adjusting entry will be:
Debit Insurance Expense for the amount of insurance calculated for one month of use
Credit Unexpired Insurance (or Prepaid Insurance) for one month of insurance used