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-   -   Adjusting entries for unexpired insurance? (https://www.askmehelpdesk.com/showthread.php?t=637697)

  • Feb 20, 2012, 09:50 PM
    billyggh13
    Adjusting entries for unexpired insurance?
    The balance in the prepaid insurance account, before adjustment at the end of the year, is $9,050.
    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 $6,880.

    A. The amount of insurance expired during the year is $6,880.
  • Feb 21, 2012, 01:46 PM
    pready
    Debit Insurance Expense for the amount
    Credit Prepaid Insurance for the amount

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