Determine the insurance premiums paid

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Reference no: EM13928208

The Jones Company debits prepaid insurance for the insurance premiums paid. During the year insurance expense is computed for interim periods and insurance expense is debited and prepaid insurance is credited. Information for the year ended Dec 31, 2012 follows:

Prepaid Insurance Dec 31, 2011 $ 180,000

Insurance Expense $ 320,000

Prepaid Insurance Dec 31, 2012 $ 170,000

Required: Determine the insurance premiums paid during 2012

Reference no: EM13928208

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