a. Dr Insurance expense 8750
Cr Prepaid insurance 8750
b. same as above
the balance in the prepaid insurance account, before adjustment at the end of the year, is $11,500. journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment (a) the amount of insurance expired during the year is $8,750 (b) the amount of inexpired insurance applicable to future periods is $2,750
1 answer
1 answer