Ask Experts Questions for FREE Help !
Ask
    powell12's Avatar
    powell12 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 6, 2012, 09:38 AM
    Accounting questions free?
    A business pays its insurance premium of $2,400 on November 1 of each year. On January 1 of the new year (after December 31 adjustments), the Prepaid insurance account has a debit balance of
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Mar 6, 2012, 02:55 PM
    2/12 of the premium has expired, of course consider what happens if the premium is non refundable
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Mar 6, 2012, 03:54 PM
    The amount of premium unexpired will be the cost times 10/12 for 10 months remaining on the policy.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounting questions free [ 2 Answers ]

This company has not kept proper accounting records and these are the records and balances: 2007 2008 Bank 14,500 -3,800 Accounts Receivable 10,350 14,780 Delivery Vehicles ...

Free accounting questions? [ 2 Answers ]

We currently pay our employees semi-monthly through the current date ie: payperiod is 3/1 to 3/15 and payroll checks are dated 3/15. How do I create a lag without withholding a check from the employee?

Accounting questions free [ 2 Answers ]

A company is incorporated but has not been active for a couple of years .The owner wants to close the company down since it is just costing money for business taxes etc . There is an asset -a building .Can this building be shown at fair market value & then the loss claimed as a business investment...

View more questions Search