accounting what groups consistently offer opinions about proposed fasb statement

Answer 1

The balance in the prepaid insurance account before adjustment at the end of the year is $4,800, which represents the insurance premiums for four months. The premiums were paid on November 1. The adjusting entry required on December 31 is:

Answer 2

a business pays weekly salaries of $25,000 on Friday for a five-day ending on that day. Journalize the adjusting entry required at the end of the accounting period assuming the accounting period ends on Wednesday?