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Adjusting Entry - Bad Debt Expense
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If an insurance policy for 2 years was entirely expense in one year. How do I correct this error? Ex: if policy for 2 years is 12,000 and it all expense in one year, the income would be understated by 6,000?:confused: The correct entry would be: Insurance expense 6,000 Prepaid...
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Study Question Early in 19X2 while bookls are still open you are informed that 19X1 Advertising expense includes 90,000 for printing catalogs for a campaign to begin in January 19X2 and that a 50,000 invoice for television commercials shown in Decemebr 19x1 was debited to 19x2 Advertising...
Prepaid Insurance & salary expense
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1st question My comp paid 15000 to cover a 3 year insurance premium. One year has elapsed. I came up with 5000 for insurance expense incurred this year and 15000 is how much we paid for insurance this year. Is this correct? 2nd question Accrued 20000 of salary expense at the end of year 1 then... View more questions Search
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