insurance expense
accountguru (Not rated)
(Not rated)
Beginning balance | $4,720 |
July 1 | 4,200 |
October 1 | 7,272 Record Expired insurance for adjusting entries, I know its Insurance Expense and Prepaid Insurance but I don't know how to come up with the value. |
The beginning balance represents a one-year policy purchased in September of the PREVIOUS year. The July 1 entry represents a new one-year policy, and the October 1 entry represents additional coverage in the form of a three-year policy.
13 years ago
insurance expense
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insurance_expense.docx
