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    MrsGrines's Avatar
    MrsGrines Posts: 1, Reputation: 1
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    #1

    Feb 12, 2012, 02:34 PM
    Need help on preparing an adjusting entry on November 30
    Assuming it recorded the November 1 expenditure as Unexpired Insurance
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    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
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