Q 4.26: on december 31, 2017, before any year-end adjustments, canterbury shoe repair's prepaid insurance account had a balance of $3,500. It was determined that $2,200 of the prepaid insurance had expired. The adjusted balance for prepaid insurance at december 31, 2017, will be

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Cherish Oneill

Business

15 July, 16:34

Q 4.26: on december 31, 2017, before any year-end adjustments, canterbury shoe repair's prepaid insurance account had a balance of $3,500. It was determined that $2,200 of the prepaid insurance had expired. The adjusted balance for prepaid insurance at december 31, 2017, will be

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Owen · Answer 1

Calculation of adjusted balance for prepaid insurance at December 31, 2017:

It is given that on December 31, 2017, before any year-end adjustments, Canterbury shoe repair's prepaid insurance account had a balance of $3,500. It was determined that $2,200 of the prepaid insurance had expired.

So the adjusted balance for prepaid insurance at December 31, 2017, shall be (3500-2200) = $1,300