andybiersack154
15.02.2020 •
Business
A firm purchased a four-year insurance policy for $8,640 on July 1, 2019. The $8,640 was debited to the Prepaid Insuranceaccount.
2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period. The firm paid $42,480 in advance and debited the amount to Prepaid Advertising.
Prepare end-of-month adjusting entries for each of the above situations.
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Ответ:
insurance expense 1,080 debit
prepaid insurance 1,080 credit
advertizing expense 1,190 debit
prepaid advertising 1,190 credit
Explanation:
We need to do the adjusting entries for December 31th 2019
solving for expired insurnace from July 1st to Dec 31th
8,640 x 6/ 48 months = 1,080
solving for accrued advertize from Dec 1st to Dec 31th
42,840 x 1/36 = 1,190
Ответ:
Explanation:
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