Do a journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019.If the insurance was paid on december 10 in the amount of $636 and runs through May 31st. How do I record this in Journal entry?

Answered: Do a journal entry to account for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...

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Do a journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019.
If the insurance was paid on december 10 in the amount of $636 and runs through May 31st. How do I record this in Journal entry?

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Journal Entry is a record of a transaction in accounting system

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