Erika P.

asked • 25d

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.



  1. 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.)


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