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Discuss the prepaid insurance account was debited

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Reference no: EM131768419

An analysis of the company's insurance policies provided the following facts.

Policy Date of Purchase Months of Coverage Cost
A      April 1, 2013 24 $ 14,400  
B      April 1, 2014 36   12,960  
C      August 1, 2015 12   2,400  

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.)

Reference no: EM131768419

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