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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Adjusting Entries for prepaid Insurance
E4A. An examination of the Prepaid Insurance account shows a balance of $10,280 at the end of an accounting period, before adjustment. Prepare journal entries to record the insurance expense for the period under the following independent assumptions:
1.   An examination of the insurance policies shows unexpired insurance that cost $4,935 at the end of the period.
2.   An examination of the insurance policies shows insurance that cost $1,735 has expired during the period.
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