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What balance is currently in insurance expense account

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Reference no: EM133306832

MIB Corp. purchased a three-year insurance policy on October 1, 2022, for $3,600 and debited Insurance expenses.

What balance is currently in the Insurance Expense account (assuming this is the only insurance policy)?

After adjustments, what balance do you want to have in the Insurance Expense account (assuming this is the only insurance policy)? Remember that the expense account should show the cost of the goods/services that were used up.

What balance is currently in the Prepaid Insurance account (assuming this is the only insurance policy)?

After adjustments, what balance do you want to have in the Prepaid Insurance account (assuming this is the only insurance policy)? Remember that the prepaid account should show the cost of the goods/services that have not yet been used.

What adjusting entry would be required on December 31, 2022?

Post the entry that you made above to the Prepaid Insurance general ledger account. Now, what is the balance in the Prepaid Insurance account after making that adjusting entry?

Reference no: EM133306832

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