On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Dobbs Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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Ответ:
Explanation:
The journal entries are as follows:
On July 1, 2020
Prepaid insurance Dr $14,400
To Cash $14,400
(Being the cash paid for insurance is recorded)
On December 31, 2020
Insurance expense Dr $2,400
To Prepaid insurance $2,400
(Being the insurance expense is recorded)
It is computed below:
= $14,400 × 6 months ÷ 36 months
= $2,400
Prepaid Insurance
July 31 $14,400 December 31 $2,400
December 31'
Balance $12,000
Insurance expense
December 31 $3,600
Ответ:
Micah and Adalyn
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