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Determining the amount of unexpired insurance applicable

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Problem - The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:

(a) the amount of unexpired insurance applicable to future periods is $4,800.

(b) the amount of insurance expired during the year is $30,700.

Reference no: EM132678699

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