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Can someone help me with an accounting problem please?
4 Jun 2010The prepaid insurance account began the year with a balance of $460. During the year, insurance in the amount of $1040 was purchased. At the end of the year (Dec. 31) the amount of insurance still unexpired was $700. Prepare the year-end entry in journal form to record the adjustment for insurance expense for the year.
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2 Responses to Can someone help me with an accounting problem please?
sunntonya
June 4th, 2010 at 8:15 pm
if the original entry for the purchased insurance was also prepaid insurance, it means that the balance at the end of the year willhave to be 700 thus 460 + 1040 = 1500-700=800, the entry should be
insurance expense 800.00 dr.
prepaid insurance 800.00 cr,
it effectively reduces the prepaid balance to 700 and you recognize 800 as an expense for the year.
SamGotti
June 4th, 2010 at 8:57 pm
His answer was perfect.