The Amount Of Insurance Expired During The Year Is. The balance in the prepaid insurance account before adjustment at the end of the year is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
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The balance in the prepaid insurance account before adjustment at the end of the year is $27,000. (a) the amount of insurance expired during the year is $16450 (b) the amount of an expired insurance applicable to future periods is $5,250 The balance in the prepaid insurance account before adjustment at the end of the year is $14800.
The Amount Of Insurance Expired During The Year Is $16,360.
In this case, on 30 september 2020, one month of insurance with the amount of $100 (1,200 / 12) will be expired. (a) the amount of insurance expired during the year is $15,850; Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
Journalize The Adjusting Entry Required Under Each Of The Following Alternatives For Determining The Amount Of The Adjustment:
If an amount box does not require an entry, leave it blank. If an amount box does not require an entry, leave it blank. If an amount box does not require an entry, leave it blank.
(A) The Amount Of Insurance Expired During The Year Is $16450 (B) The Amount Of An Expired Insurance Applicable To Future Periods Is $5,250
(a) the amount of unexpired insurance applicable to future periods is $8,500; Journal entry to reflect expiration of the insurance as of december 31, 2013. In the insurance expense example above, the income statement for the end of the year would include two months of insurance premiums equal to $140 total.
The Prepaid Insurance Account Had A Beginning Balance Of $6,400 And Was Debited For $3,600 Of Premiums Paid During The Year.
On the income statement, you report the amount of insurance that expired during the period as an expense. The balance in the prepaid insurance account before adjustment at the end of the year is $27,000. During 2013, it purchased $2,000 of supplies.
The Year End Is March 31.
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 $20,250; The amount of unexpired insurance applicable to future periods is $5,160.
