On January 1, a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:
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Ответ:
Debit Insurance Expenses $360
Credit Prepaid Insurance $360
Explanation:
Adjusting entries for the first year
Debit Insurance Expenses $360
Credit Prepaid Insurance $360
Five-year insurance policy purchased for $1,800
= $1,800÷5
= $360
Ответ: