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3 years ago

14

On July 1, 2020, Whispering Co. pays $13,620 to Metlock Insurance Co. for a 3-year insurance policy. Both companies have fiscal

years ending December 31. For Whispering Co., journalize the entry on July 1 and the adjusting entry on December 31.

1 answer:

S_A_V [24]3 years ago

4 0

Answer:

jul-01 Prepaid expenses 13.620

jul-01 Cash 13.620

dec-31 Insurance policy expense 2.270

dec-31 Prepaid expenses 2.270

Explanation:

Paid 1-jul 13620

Three Years 13.620 36 months

Monthly 378 month

Current Year 2.270 6 months

jul-01 Prepaid expenses 13.620

jul-01 Cash 13.620

dec-31 Insurance policy expense 2.270

dec-31 Prepaid expenses 2.270

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