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QS Algo Prepaid deferred expenses adjustments LO P
For each separate case below, follow the threestep process for adjusting the prepaid asset account at December
Step : Determine what the current account balance equals.
Step : Determine what the current account balance should equal.
Step : Record the December adjusting entry to get from step to step
Assume no other adjusting entries are made during the year.
a Prepaid Insurance. The Prepaid Insurance account has a $ debit balance to start the year. A review of insurance policies shows that $ of unexpired insurance remains at yearend.
b Prepaid Insurance. The Prepaid Insurance account has a $ debit balance at the start of the year. A review of insurance policies shows $ of insurance has expired by yearend.
tablePrepaid InsuranceStep : Determine what the current account balance equals.,,,
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