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insurance expense
insurance expense
| Beginning balance |
$4,720 |
| July 1 |
4,200 |
| October 1 |
7,272 Record Expired insurance for adjusting entries, I know its Insurance Expense and Prepaid Insurance but I don’t know how to come up with the value. |
The beginning balance represents a one-year policy purchased in September of the PREVIOUS year. The July 1 entry represents a new one-year policy, and the October 1 entry represents additional coverage in the form of a three-year policy.
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