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What adjusting entry should CCIC prepare on December

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Question - Complete Coverage Insurance Company (CCIC) sells Automobile Insurance policies to consumers. On their December 31, 2019 Balance Sheet, CCIC reported "Unearned Premiums" in the amount of $ 800,000.

During 2020, CCIC collected $ 1,450,000 from customers for insurance policies, and in each case they "credited" "Insurance Premium Revenue".

On December 31, 2020, an analysis indicated that the appropriate balance for "Unearned Premiums" on that date was $ 675,000.

Based on the information provided above, what "adjusting entry" should CCIC prepare on December 31, 2020?

Reference no: EM132730449

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