An examintaion of the Prepaid Insurance account shows a balance of $4,112 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for the period under the following independent assumptions.
1 An examination of the insurance policies shows unexpired insurance that cost $1,974 at the end of the period.
2 An examintaion of the insurance policies shows that insurance that cost $694 has expired during the period.
Question 2
Supplies on hand, October 1 $396 694 294 ?
Supplies purchased during the month 78 ? 261 2,892
Supplies consumed suring the month 291 1,458 ? 2,228
Supplies on hand, October 31 ? 654 84 1,782
1 Determine the amounts indicated by the ? Marks
2. Make the adjusting entry for column a, assuming supplies purchased are debited to an asset account.
Please help me, Thank You!!
