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Make a manual journal entry to adjust the insurance expenses

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Reference no: EM132676625

The bookkeeper advised you that $7,392 paid to InsuranceCo on 19th July 2019 for business insurance was for the 12 months to the end of June 2020.

Problem 1: You are required to make a manual journal entry to adjust the insurance expenses claimed for the month of July 2019 and the remainder($6,160+GST) to Prepayments.

Manual Journal:

Narration: Adjust insurance payment for end of July 2019
Date:31 July 2019
Untick Show journal on cash basis reports
Auto Reversing N/A
Amounts are No Tax
First line: Insurance
Second Line: Prepayments
For marking purposes, please make sure your manual journal narration is: Adjust insurance payment for end of July 2019

Reference no: EM132676625

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