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How much would profit be overstated orunderstated

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Adjusting entry for Prepaid Insurance

Windy Saloons purchased a 3 year insurance policy on 1st October 2017. The entire premium of $5000was recorded by debiting Prepaid Insurance.

Required:

Problem i. Give the adjusting entry at 30 June for year ending 30 June 2018.

Problem ii. What amount should be reported in the 30 June 2018 balance sheet for Prepaid Insurance?

Problem iii. If no adjusting entry was made on 30 June, by how much would profit be overstated orunderstated? Would assets be overstated or understated?

Reference no: EM132842254

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