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andre [41]
3 years ago
12

As of December 31, Plush has not recorded any insurance expense for the year. The only insurance policy it owns is the one purch

ased on July 10, a three year insurance policy for $72,000 starting on August 1st. Make a general journal entry.
Business
1 answer:
konstantin123 [22]3 years ago
7 0

Answer:

Debit Insurance expense    $10,000

Credit Prepaid Insurance    $10,000

Being entries to recognize insurance expense for the period (August to December).

Explanation:

Given;

Insurance policy was purchased on July 10 to run for 3 years.

Cost of policy = $72,000

Start date is August 1st. As at 31 December, the policy should have been amortized for 5 months (August to December)

Monthly depreciation = $72,000/(3 × 12)

                                    = $2,000

Total amortization between August and December = 5 × $2,000

                                                                                      = $10,000

Journal entries

Debit Insurance expense    $10,000

Credit Prepaid Insurance    $10,000

Being entries to recognize insurance expense for the period (August to December).

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