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

    Oct 4, 2006, 07:40 PM
    Homework question desperately need help
    On August 1 Company A paid $4,000 for 1 years insurance, What journal entry is required on August 30 for adjusting prepaid insurance
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Oct 5, 2006, 12:02 AM
    Dr. Insurance Expense 333.33
    Cr. Perpaid Insurance 333.33

    4,000/12 = 333.33
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