# Insurance Expired During The Year \$5

Insurance Expired During The Year \$5. The company will record the payment with a debit of \$12,000 to prepaid insurance and a credit of \$12,000 to cash. The balance in the prepaid insurance account, before adjustment at the end of the year, is \$27,000.

Using the adjusted balances, give the closing entry for the current year. The company will record the payment with a debit of \$12,000 to prepaid insurance and a credit of \$12,000 to cash. Depreciation of equipment during the year, \$4,950.

### Journalize The Adjusting Entry Required Under Each Of The Following Alternatives For Determining The Amount Of The Adjustment:

The homeowner canceled the policy during the year. Solution 5 (a) adjusting entries a. Based on the trial balance and the additional data, prepare an adjusted trial balance dated june 30, 2012.

### B)Depreciation Expense For 2010, \$4.

(b) the amount of unexpired insurance applicable to. Using the adjusted balances, give the closing entry for the current year. And while claims declined, insurance company profits grew to \$1.5 billion in 2016 — up nearly 60% compared to four years earlier, says.

### The Balance In The Prepaid Insurance Account, Before Adjustment At The End Of The Year, Is \$27,000.

• office supplies used during the year, \$3,920. On service revenue \$5500, wages expense \$2300, supplies expense \$1200 and utilities (lo 2, 5, 6, 7) expense \$600. On december 1 the company pays the insurance company \$12,000 for the insurance premiums covering one year.

### (A) The Amount Of Unexpired Insurance Applicable To Future Periods Is \$1,000;

15 d \$5 ning d of record the adjusting entry for supplies remaining on hand at the end of the year equal to \$3,000. • depreciation is computed as follows: A homeowner insured a house for \$150,00.

### Unearned Fees On July 31, \$750.

Record the entry for income tax payable of \$9. Insurance expired during july of \$400 was omitted. The nonprofit citizen organization concluded insurers overcharged california motorists by about \$5.5 billion last year.