Reference no: EM133020264
Question - Dion Ltée is making adjusting entries for the current year ended December 31. In developing information for the adjusting entries, the accountant learned the following:
-Dion renewed its one-year insurance policy and paid $3,960 on October 1, of the current year for a one-year insurance policy with coverage beginning on that date. The company paid $3,900 on October 1 of the previous year for the same insurance coverage.
-At December 31 of the current year, the following data relating to shipping supplies were obtained from the records and supporting documents.
-Shipping supplies on hand, January 1 of current year $15,600 Purchases of shipping supplies during the current year 75,200 Shipping supplies on hand, counted on December 31 of the current year 12,600.
Required - Prepare the adjusting entry for insurance at December 31 of the current year, assuming that the bookkeeper debited the full amount paid on October 1 of the current year to prepaid insurance. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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