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4 years ago

Your company purchase a 12 month insurance policy for $36000 in January

Mathematics

2 answers:

r-ruslan [8.4K]4 years ago

8 0

Question is incomplete

Your company purchased a twelve-month insurance policy for $36,000 in January. What's the entry to record the monthly insurance expense in March?

Answer:

Date Account and explanation

Insurance expense $3,000 (Debit)

Prepaid insurance $3,000 (Credit)

Step-by-step explanation:

Given

Insurance Policy = $36,000

Duration = 12 months

First we calculate the monthly entry.

This is calculated by dividing the cost of insurance policy by the duration.

Monthly Expenses = Cost / Number of months

Expenses = $36,000/12

Expenses = $3,000

The entry to record the monthly insurance expense in March is as follows

Date Account and explanation

Insurance expense $3,000 (Debit)

Prepaid insurance $3,000 (Credit)

bearhunter [10]4 years ago

7 0

please complete the question

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3 years ago

A hair salon completed a survey of 367 customers about satisfaction with service(Dissatisfied, Neutral, Satisfied, or Very Satis

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