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Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year's coverage, in the amount of $8,400. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: A. Make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 B. Show the impact that these transactions had. If an amount box does not require an entry, leave it blank. Prepaid Insurance Beginning Balance s Premium paid Subtotal Expired Prepaid/Unexpired $

Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year's coverage, in the amount of $8,400. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: A. Make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 B. Show the impact that these transactions had. If an amount box does not require an entry, leave it blank. Prepaid Insurance Beginning Balance s Premium paid Subtotal Expired Prepaid/Unexpired $

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 5EA: Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years...
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part a and b please

Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year's coverage, in the amount of $8,400. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: A. Make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 B. Show the impact that these transactions had. If an amount box does not require an entry, leave it blank. Prepaid Insurance Beginning Balance $ Premium paid Subtotal Expired Prepaid/Unexpired $
Transcribed Image Text:Reviewing insurance policies revealed that a single policy was purchased on August 1, for one year's coverage, in the amount of $8,400. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: A. Make the December 31 adjusting journal entry to bring the balances to correct. If an amount box does not require an entry, leave it blank. Dec. 31 B. Show the impact that these transactions had. If an amount box does not require an entry, leave it blank. Prepaid Insurance Beginning Balance $ Premium paid Subtotal Expired Prepaid/Unexpired $
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