Question Details

(solution) Nelson properties purchased hazard insurance from Sheild


Nelson properties purchased hazard insurance from Sheild Insurance Company on 12/1/14. Nelson Properties paid $6,120 for 12 months' coverage.

a. Record the $6120 payment for insurance

b. Journalize the adjusting entry on 12/31/14


Answer:3

 

1-Dec-14 Prepaid Insurance

 

Cash 6120 31-Dec-14 Insurance expenses

 

Prepaid Insurance 510 6120 510

 


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Sep 13, 2020

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