If any prepaid expenses remain unused or unexpired at the end of any accounting year, then the unexpired amount is adjusted by transferring the cost of expense unused or unexpired to the prepaid expense (asset) accounts. The blanks in the table for a company which paid $ 18 , 000 premium on a 36 -month insurance policy for coverage beginning on that date.

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Chapter 3, Problem 1E

To determine

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If any prepaid expenses remain unused or unexpired at the end of any accounting year, then the unexpired amount is adjusted by transferring the cost of expense unused or unexpired to the prepaid expense (asset) accounts.

The blanks in the table for a company which paid $18,000 premium on a 36 -month insurance policy for coverage beginning on that date.

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