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-   -   Need help on preparing an adjusting entry on November 30 (https://www.askmehelpdesk.com/showthread.php?t=635467)

  • Feb 12, 2012, 02:34 PM
    MrsGrines
    Need help on preparing an adjusting entry on November 30
    Assuming it recorded the November 1 expenditure as Unexpired Insurance
  • Feb 12, 2012, 03:00 PM
    pready
    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

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