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Category > Accounting Posted 23 Apr 2017 My Price 3.00

Journal entry and the annual Adjusting entry

BE3-5 Assume that on February 1, Procter & Gamble (P&G) paid $720,000 in advance for 2 years’ insur- ance coverage.

Prepare P&G’s February 1 journal entry and the annual adjusting entry on June 30.

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Alpha Geek
(8)
Status NEW Posted 23 Apr 2017 02:04 PM My Price 3.00

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file 1492957519-1551126_1_636283975653609204_1551126.xlsx preview (73 words )
BE-----------3-5----------- As-----------sum-----------e t-----------hat----------- on----------- Fe-----------bru-----------ary----------- 1,----------- Pr-----------oct-----------er -----------&am-----------p;a-----------mp;----------- Ga-----------mbl-----------e (-----------P&a-----------mp;-----------amp-----------;G)----------- pa-----------id -----------$72-----------0,0-----------00 -----------in -----------adv-----------anc-----------e f-----------or -----------2 y-----------ear-----------sâ€-----------™ i-----------nsu-----------r- -----------anc-----------e c-----------ove-----------rag-----------e. -----------Pre-----------par-----------e P-----------&am-----------p;a-----------mp;-----------Gâ€-----------™s -----------Feb-----------rua-----------ry -----------1 j-----------our-----------nal----------- en-----------try----------- a-----------nd -----------the----------- an-----------nua-----------l a-----------dju-----------sti-----------ng -----------ent-----------ry -----------on -----------Jun-----------e 3-----------0.D-----------ate-----------Acc-----------oun-----------t T-----------itl-----------e &-----------amp-----------;am-----------p; -----------Exp-----------lan-----------ati-----------onD-----------ebi-----------tCr-----------edi-----------tPr-----------epa-----------id -----------Ins-----------ura-----------nce----------- ----------- ----------- ----------- -----------Cas-----------h( -----------To -----------rec-----------ord----------- in-----------sur-----------anc-----------e p-----------aid----------- fo-----------r 2----------- Ye-----------ars-----------) ----------- ----------- ----------- P-----------rep-----------aid----------- In-----------sur-----------anc-----------e(T-----------o r-----------eco-----------rd -----------exp-----------ire-----------d i-----------nsu-----------ran-----------ce)-----------Ins-----------ura-----------nce----------- Ex-----------pen-----------se(-----------720-----------000----------- * -----------5/2-----------4)
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