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July 5, 2015

Homework Help: Accounting - Adjusting Entries

Posted by Liz on Sunday, October 5, 2008 at 7:25pm.

$750 of insurance expense needs to be accrued. It was originally recorded as prepaid insurance. Do I just debit prepaid insurance and credit insurnace expense for $750??

My other problem is adjustment was made to record interest expense on bonds payable for $500. The payment for the principal and interest rate are not due until next year... how would I journalize that ?

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