Answer:
total insurance expense 5,188 dollars
insurance expense 5,188 debit
prepaid insurance 5,188 credit
Explanation:
We calcualte the value of a single month on eahc policy and then multiply by the complete year.
8,064 building policy for 3 years:
value oer month: 8,064/ 36 = 224
expired amount on 2019: 224 x 12 = 2,688
vehicles policy: 5000 for 2 years:
5,000 / 24 = 208.33
expired amount on 2019: 208.33 x 12 = 2,500
total insurance expense 5,188 dollars
