Adjustment for prepaid expense Journal Chart of Accounts General Ledger The prep

Question

Adjustment for prepaid expense Journal Chart of Accounts General Ledger The prepaid insuranoe account had a beginning balance of $4.500 and was debited for $16,600 of premiums paid during the year ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 18 Equipment 17 REVENUE Joumalice the ediusting entry required at the end of the year, assuming the amount of unexpired insurance related to future perod, S5 600 Refer to the Chart of Accounts for exact wording of acount titles EXPENSES LIABILITIES 21 Accounts Payacie 22 Uneaned s EQUITY Common

Explanation / Answer

Insurance expense 15500 =4500+16600-5600        Prepaid insurance 15500

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