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The prepaid insurance account had a beginning balance of $7,560 and was debited for $810 for premiums paid during the year. Required: Journalize the adjusting entry required at the end of the year.
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The prepaid insurance account had a beginning balance of $7,560 and was debited for $810 for premiums paid during the year.

Required:
Journalize the adjusting entry required at the end of the year.

User Fernandosjp
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1 Answer

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Answer: See explanation

Step-by-step explanation:

Debit Insurance Expenses = $8370

Credit Prepaid insurance = $8370

(To record insurance expense for the current year)

Note that:

Opening prepaid Insurance = $7560

Add: Insurance premium = $810

Insurance expense = $8370

User Keefer
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