Record the adjusting entry related to the company's insurance.
I need help with filling out the journal entry for the records below. I keep getting it wrong.
- An analysis of the company's insurance policies provided the following facts.
|Policy||Date of Purchase||Months of Coverage||Cost|
|A||April 1, 2017||24||9,600$|
|B||April 1, 2018||36||8,424|
|C||August 1, 2019||12||7,200|
The total premium for each policy was paid in full (for all months) at the purchase date, and the Prepaid Insurance account was debited for the full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior years.)