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Assuming you used the expense method of accounting the entry would be:
dr. prepaid insurance 2700 Cr. Insurance expense 2700 But if you used the accrual no need to adjust the unexpired but the adjustment would pertain to the expired portion Origanl entry: dr. prepaid insurance Cr. Cash Adj entry dr. insurance exp Cr. Prepaid isnurance This would give you the insurance expensed out for the year, and the unexpired part of your insurance. |
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