FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Question
100%
Please help with a and b
**Instructions**

The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,135. The year-end is March 31.

Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $15,480; (b) the amount of unexpired insurance applicable to future periods is $2,655. Refer to the Chart of Accounts for exact wording of account titles.

**Journal**

(a) Journalize the March 31 adjusting entry required when the amount of insurance expired during the year is $15,480. Refer to the Chart of Accounts for exact wording of account titles.

- **Journal Entry Table:**
  - Columns: Date, Description, Post. Ref., Debit, Credit, Assets, Liabilities, Equity
  - Row: 1
    - Blank columns under Date, Description, etc.

(b) Journalize the March 31 adjusting entry required when the amount of unexpired insurance applicable to future periods is $2,655. Refer to the Chart of Accounts for exact wording of account titles.

- **Notes:**
  - The table for this entry is similar to the one described in part (a). It has placeholders for details to be filled in as per the Chart of Accounts.
expand button
Transcribed Image Text:**Instructions** The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,135. The year-end is March 31. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $15,480; (b) the amount of unexpired insurance applicable to future periods is $2,655. Refer to the Chart of Accounts for exact wording of account titles. **Journal** (a) Journalize the March 31 adjusting entry required when the amount of insurance expired during the year is $15,480. Refer to the Chart of Accounts for exact wording of account titles. - **Journal Entry Table:** - Columns: Date, Description, Post. Ref., Debit, Credit, Assets, Liabilities, Equity - Row: 1 - Blank columns under Date, Description, etc. (b) Journalize the March 31 adjusting entry required when the amount of unexpired insurance applicable to future periods is $2,655. Refer to the Chart of Accounts for exact wording of account titles. - **Notes:** - The table for this entry is similar to the one described in part (a). It has placeholders for details to be filled in as per the Chart of Accounts.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education