Beginning balance

$4,720

July 1

4,200

October 1

7,272

Record Expired insurance for adjusting entries, I know its Insurance Expense and Prepaid Insurance but I don't know how to come up with the value.

 

The beginning balance represents a one-year policy purchased in September of the PREVIOUS year. The July 1 entry represents a new one-year policy, and the October 1 entry represents additional coverage in the form of a three-year policy.

    • 8 years ago
    insurance expense
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