https//edugen wileyplus.com/edugen/student/mainfr.uni Bankin American Express Cr
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https//edugen wileyplus.com/edugen/student/mainfr.uni Bankin American Express Cre Honda Financial Servi Descover-Card Servi Facebook-Log In or P Pandora Radio-Liste nt n Pobka i Sw S Weygandt, Financial and Managerial, 3e Financial and Managerial Accounting (ACC actice Assignment Gradebook ORION Downloadable eTextbook gnment Brief Exercise 3-05 $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 33 For Dobbs Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. manually. Record journal entries in the order account titles are automatically indented when the amount is entered, Do no presented in the problem.) Date Account Titles Credit Prepaid Insurance Insurance Expense Click if you would like to Show Work for this question: 9n Sho Wrk All Rights Reserved aExplanation / Answer
Date
Account Titles
Debit
Credit
1 July 2020
Prepaid Insurance
$14,400
Cash
$14,400
Prepaid a three year insurance policy
31 Dec 2020
Insurance Expense
$4,800
Prepaid Insurance
$4,800
To adjust prepaid insurance to reflect portion
expired ( $ 14,400/3 = $ 4,800)
Prepaid Insurance
Debit
Credit
$14,400
$4,800
$9,600
Prepaid Expenses
$4,800
Date
Account Titles
Debit
Credit
1 July 2020
Prepaid Insurance
$14,400
Cash
$14,400
Prepaid a three year insurance policy
31 Dec 2020
Insurance Expense
$4,800
Prepaid Insurance
$4,800
To adjust prepaid insurance to reflect portion
expired ( $ 14,400/3 = $ 4,800)
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