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Prepaid insurance were properly recorded in all prior years

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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.)

Policy

Date    of purchase

Months    of coverage

Cost

A

April    1, 2013

24

$14,400

B

April1,    2014

36

$12,960

C

August    1, 2015

12

$2,400

 

Reference no: EM131802174

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