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credit debit expired insurance

Expired Insurance Debit Or Credit

Cintya Putri
Cintya Putri
01 Dec, 2021 0 0
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Expired Insurance Debit Or Credit. On july 1, 2013, lamis company paid $1,200 for six months of insurance coverage. Depreciation of office equipment for may is $330.

Solved Comprehensive Problem 3 Part 4 Note You Must Com
Solved Comprehensive Problem 3 Part 4 Note You Must Com from www.chegg.com

Debit insurance expense, $1,610, and credit prepaid insurance, $1,610. An examination of insurance policies shows that insurance costing $1,200 has expired during the period. A basic insurance journal entry is debit:

Solved Comprehensive Problem 3 Part 4 Note You Must ComSource: www.chegg.com

How can the debit of the amount take place when a debit card has expired? If an amount box does not require an entry, leave it blank or enter “0”.

The Balance In The Prepaid Insurance Account, Before Adjustment At The End Of The Year, Is $9,050.


After all debits and credits are posted to the general ledger, the prepaid insurance account will have a debit balance of $550 reflecting the cost of insurance policy that has not expired. Rent expired during may is $1,600. A debit to accumulated depreciation and a credit to prepaid insurance.

Debit Insurance Expense And Credit Prepaid Insurance, $17,000.


The period for which insurance is prepaid is generally one year, but may exceed a year in certain cases. The december 31, 2017 adjusting entry is a. On july 1, the company receives a premium refund of $120 from the insurance company.

Debit Insurance Expense For The Amount Used During The Period.


On december 31, an adjusting entry will debit insurance expense for $400 (the amount that expired: A basic insurance journal entry is debit: The adjusted ending balance of prepaid insurance is 2,535.

This Means That The Debit Balance In Prepaid Insurance At December 31 Will Be $2,000 (5/6 Of The $2,400 Cost), Since This Is The Amount That Has Not Yet Expired.


On the other hand, the insurance expense account will have a debit balance of $50 reflecting the expired portion of the insurance policy during january. How can the debit of the amount take place when a debit card has expired? Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:

Payments That Are Made In Advance For Insurance Services Or Coverage.


In order to bring this account to the “correct balance,” the $600 in the insurance expense account must be reduced (credited) by $550. Debit prepaid insurance and credit insurance expense, $17,000. It was taken on monday.

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