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Adjusting prepaid insurance
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The balance in the prepaid insurance account before adjustment at the end of the year is 6175 journalize the adjusting entry required under each of the following alternatives for determing the amount of the adjustment 1. amount exprired during the year is 4180 2. amount of unexpired insurance...
Adjusting prepaid insurance
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I understand that for prepaid insurance is an asset and an expense adjustment must be made. I am being confused by a couple of detail in the equation. Prepaid Insurance Jan. 1 balance, company pays insurance on March 31, each year $3600, At Dec. 31, $600 is still prepaid. Can someone help me out.
Adjusting entry for prepaid expense
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If I am adjusting my prepaid expense, I would debit my prepaid expenses for the amount I'm adjusting but what would I credit? I know normally you would credit prepaid insurance or whatever the expense is for but I do not have an account of pre-paid insurance.. is there such a thing of making an...
Prepaid Insurance Adjusting Entries
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Not sure exactly how to figure this or even to record it, here is what it looks like in my book: XX's accounting records include the following account balances: December 31, ... View more questions Search
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