RE: adjusting entry

Can someone help me prepare an adjusting entry for the following>

Prepaid insurance account had 4,000 balance on December 31, 2007. An analysis of insurance policies shows that 1,200 of unexpired insurance benefits remain at December 31, 2008.


Prepaid insurance is an asset.
The adjusting entry should be
Dr Insurance expense for amount of expense
Cr Prepaid insurance for amount of expense

The original asset value was 4000 and 1200 remains, so 2800 is the amount being expensed for the period.


the building has an estimated life of 20 years

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. College Accounting

    P2-1A Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common

  2. Financial Accounting

    Prepare adjusting journal entries for the year ended December 31, 2011 for each of the independent situation in (a) to (f). Assume that prepaid expenses are initially recorded in asset accounts. Assume that fees collected in

  3. Account

    Which of the following accounts is decreased by a debit entry? a. Accounts Payable b. Cash c. Prepaid Insurance d. Insurance Expense

  4. Accouting

    Bob night opened "The general's favorite Fishing Hole" The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register for one week,

  1. bookkeeping

    Worksheet (Use the information from the trial balance in Exam Figure 2. Write the worksheet information on the form in Exam Figure 1.) You’ll need the following adjustment information: a. P. Woodsley counted the supplies on May

  2. Accounting

    The Account Cycle Bob night opened "The general's favorite Fishing Hole" The fishing camp is open from April through September and attracts many famous college basketball coaches during the off-season. Guests typically register

  3. Accounting

    It is stand accounting procedures, or GAAP, to make an adjusting entry to remove the current year’s principle from the long-term liabilities. This entry reduces the long-term liabilities and increases the current liabilities.

  4. Business Managment

    Problem 11.3 -- Kelly is a 35 year old single parent with a one-year-old son. She earns $45,000 a year as a marketing analyst and has employer paid group life insurance worth twice her annual salary. She also participates in her

  1. accounting URGENT HELP DUE IN 1HR

    (a) Fill in the missing amounts. (If answer is zero, please enter 0. Do not leave any fields blank.) Account Titles Trial Balance Adjusted Trial Balance Dr. Cr. Dr. Cr. Accounts Receivable 34,000 Prepaid Insurance 26,000 20,000

  2. accounting

    The following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased

  3. college Accounting

    The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies 2,800 Equipment 25,000

  4. accounting

    Andy Wright, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $875 of such

You can view more similar questions or ask a new question.