A firm purchased a three-year insurance policy for $13,500 on July 1, 2019. The $13,500 was...
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A firm purchased a three-year insurance policy for $13,500 on July 1, 2019. The $13,500 was debited to the Prepaid Insurance account. What adjustment should be made to record expired insurance on the firm’s July 31, 2019, worksheet?
Homework Answers
Adjusting Entry to record expired insurance:
|
Date |
Account Titles and Explanation |
||
|
July.31, 2019 |
Insurance Expense [Refer working Note below] |
$375 |
|
|
Prepaid Insurance |
$375 |
||
|
(To record insurance expense) |
Working – Calculation of amount of Insurance expired:
Cost of insurance policy = $13,500
Coverage period of Insurance Policy = 3 years = 36 months
Insurance Expense to be recorded every month = $13,500 / 36 months = $375 per month
Insurance Expense to be recorded for the month of July (From July 1 to July 31) = 1 month x $375 = $375
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