WebJournalize the adjusting entry required at the end of the year assuming the amount of unexpired insurance related to future periods is $4,200. The supplies account had a beginning balance of $1,815 and was debited for $3,790 for … WebGeneral insurance policies are normally issued for short terms renewable every year. It is quite possible that on the accounting date, some of the contracts are still alive and hence represent unexpired risk. A suitable provision is made for that unexpired risk on a generalized basis as it is impractical to create it for specific policies.

CHAPTER 3 PREPARING FINANCIAL STATEMENTS - Harper …

WebOf the total six-month insurance amounting to $6,000 ($1,000 per month), the insurance for 4 months has already expired. In the entry above, we are actually transferring $4,000 from the asset to the expense account (i.e., from Prepaid Insurance to Insurance Expense). WebMar 24, 2024 · About unexpired insurance is shown under. To make an unexpired insurance journal entry, you record it in your accounting journal as a prepaid asset: $840 in the … fleetx pricing

The balance in the prepaid insurance account, before adjustment at …

WebExplanation:Unexpired insurance is shown under current assets in the balance sheet of a company. Current assets are those assets that are expected to be convert… WebFeb 13, 2011 · An examination of the prepaid Insurance account shows a balance of $10,280 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for the period under the following independent assumptions: 1. An examination of the insurance policies shows unexpired insurance … WebThe expired amount will be reported as Insurance Expense on December's income statement. Joe asks Marilyn where the remaining $1,000 of unexpired insurance premium … chef tested toaster pop tarts