Ask Experts Questions for FREE Help !
Ask
    395743's Avatar
    395743 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 5, 2014, 09:35 PM
    Accounting help
    On July 1, 2013, Lamis Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2013. Prepare the journal entry to reflect expiration of the insurance as of December 31, 2013.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
    Uber Member
    		  
    #2

    Jul 5, 2014, 09:51 PM
    You forgot to post your work and what you got for an answer... so we can't tell you what you did wrong.

    We don't actually do your homework for you.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #3

    Jul 6, 2014, 07:05 AM
    How many months are between Jul 1 and Dec 31? This is the timeframe you need know so that you can calculate your adjustment amount. The timeframe is the time your insurance was used, in other words expensed.
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!

Questions on financial accounting,cost and management accounting [ 3 Answers ]

I want different sets of questions on financial accounting,cost and management accounting for free. I am a teacher in this area

AP Journal Entires - accrual accounting and cash accounting [ 6 Answers ]

What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?

List five differences between management accounting and cost accounting [ 1 Answers ]

Describe five differences between management accounting and cost accounting

View more questions Search