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Total premium for each policy

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An analysis of the company's insurance policies provided the following facts.Policy. Date of purchase. Mth of coverage. Cost A. April 1, 2012. 24. $6,000 B. April 1, 2013. 36. $7,200 C. August 1,2013. 12. $1,320

The total premium for each policy wad paid full (for all months) at the purchase date, and the Prepaid Insurance account was debited for full cost. (Year-end adjusting entries for Prepaid Insurance were properly recorded in all prior fiscal years.)

Reference no: EM13553668

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