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GrogVix [38]
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.
Business
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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