Ask Question
21 November, 23:17

On July 1, 2020, Whispering Co. pays $13,620 to Metlock Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. For Whispering Co., journalize the entry on July 1 and the adjusting entry on December 31.

+4
Answers (1)
  1. 21 November, 23:41
    0
    jul-01 Prepaid expenses 13.620

    jul-01 Cash 13.620

    dec-31 Insurance policy expense 2.270

    dec-31 Prepaid expenses 2.270

    Explanation:

    Paid 1-jul 13620

    Three Years 13.620 36 months

    Monthly 378 month

    Current Year 2.270 6 months

    jul-01 Prepaid expenses 13.620

    jul-01 Cash 13.620

    dec-31 Insurance policy expense 2.270

    dec-31 Prepaid expenses 2.270
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On July 1, 2020, Whispering Co. pays $13,620 to Metlock Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers