On the 1 September 2019 Jacobson Limited paid insurance premiums of $18,000 for 12 months to 31 August 2020. The entire amount was recorded as an insurance expense when the amount was paid. No adjustments have been made to the accounting records since the payment was made, it is now 30 June 2020 (balance date) process the necessary adjusting journal for the insurance premium.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
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On the 1 September 2019 Jacobson Limited paid insurance premiums of $18,000 for 12 months to 31 August 2020. The entire amount was recorded as an insurance expense when the amount was paid. No adjustments have been made to the accounting records since the payment was made, it is now 30 June 2020 (balance date) process the necessary adjusting journal for the insurance premium.

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