Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because...
Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $24,000 ($2,000/month).
Required:
-
1.&2. Record the necessary entries in the Journal Entry Worksheet below.
-
3. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0).
<Journal entry worksheet 1.>
Record the purchase of insurance on March 1.
<Journal entry worksheet 2.>
Record adjusting entry on December 31.
Homework Answers
1&2
| Date | Account title | Debit | credit |
| March 1 | Prepaid Insurance | 24000 | |
| cash | 24000 | ||
| December 31 | Insurance expense | 20000 | |
| Prepaid insurance (2000*10) | 20000 | ||
| [Being Insurance expired for 10 months 1March -Dec31] |
3)
year-end adjusted balances of Prepaid Insurance = Beginning Balance + Purchase/Paid - Insurance expired
= 0+ 24000-20000
= $ 4000
Insurance expense =20000
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Mountaineer Excavation operates in a low-lying area that is
subject to heavy rains and flooding. Because...
mountaineer excavation operates in a low - lying area that is subject to heavy rains and...
mountaineer excavation operates in a low - lying area that is subject to heavy rains and flooding. because of this , mountaineer purchases one year of flood insurance in advance on march 1, paying $35,400 (2,950/month) chapter 3 homework question 2
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