On 28 June 20x1, the annual premium for compulsory car insurance was paid 100 euros for the period 1 July 20x1 - 30 June 20x2 make an accounting entry on 28 June 20x1 and an adjustment entry on 31 December 20x1

On 28 June 20x1, the annual premium for compulsory car insurance was paid 100 euros for the period 1 July 20x1 - 30 June 20x2 make an accounting entry on 28 June 20x1 and an adjustment entry on 31 December 20x1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

On 28 June 20x1, the annual premium for compulsory car insurance was paid 100 euros for the period 1 July 20x1 - 30 June 20x2
make an accounting entry on 28 June 20x1 and an adjustment entry on 31 December 20x1

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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