Adjustment for Insurance On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet) Prepaid Insurance fill in the blank a8cfc50a8015fe0_2 fill in the blank a8cfc50a8015fe0_4 Bal. fill in the blank a8cfc50a8015fe0_5 (Income Statement) Insurance Expense Adj. fill in the blank a8cfc50a8015fe0_6 Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Dec. 31 fill in the blank 59564e01b03df92_2 fill in the blank 59564e01b03df92_3 1 2 fill in the blank 59564e01b03df92_5 fill in the blank 59564e01b03df92_6 2
Adjustment for Insurance On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet) Prepaid Insurance fill in the blank a8cfc50a8015fe0_2 fill in the blank a8cfc50a8015fe0_4 Bal. fill in the blank a8cfc50a8015fe0_5 (Income Statement) Insurance Expense Adj. fill in the blank a8cfc50a8015fe0_6 Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Dec. 31 fill in the blank 59564e01b03df92_2 fill in the blank 59564e01b03df92_3 1 2 fill in the blank 59564e01b03df92_5 fill in the blank 59564e01b03df92_6 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Adjustment for Insurance
On December 1, a six-month liability insurance policy was purchased for $900.
Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal. (
| ( Prepaid Insurance |
|||
|---|---|---|---|
| fill in the blank a8cfc50a8015fe0_2 | fill in the blank a8cfc50a8015fe0_4 | ||
| Bal. | fill in the blank a8cfc50a8015fe0_5 |
| (Income Statement) Insurance Expense |
|||
|---|---|---|---|
| Adj. | fill in the blank a8cfc50a8015fe0_6 |
| DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|---|
| 1 | 20-- Dec. 31 |
fill in the blank 59564e01b03df92_2 | fill in the blank 59564e01b03df92_3 | 1 | |||
| 2 | fill in the blank 59564e01b03df92_5 | fill in the blank 59564e01b03df92_6 | 2 |
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