a 1-year insurance policy for $7,500 and paid the full premium in advance. The insurance On...

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Question

a 1-year insurance policy for $7,500 and paid the full premium in advance. The insurance On June 1, 2019, a firm purchased ex

business accounting

Answer 1

Answer #1

Insurance expense per month = $7,500 ÷ 12 = $625.

Total period from June to December 31 2019 = 7 months.

Total insurance expenses for the year ending December 31, 2019 = $625 × 7 = $4,375.

Answer 2

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