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What adjustment should be made to record expired insurance

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Reference no: EM131767165

Question - For each of the following situations, determine the necessary adjustments.

1. A firm purchased a two-year insurance policy for $3000 on July 1, 2010. The $3000 was debited from the Prepaid Insurance account. What adjustment should be made to record expired insurance on the firm's July 31, 2010, worksheet?

2. On December 1, 2010 a firm signed a contract with a local radio station for advertising that will extend over a one-year period. The firm paid $10,000 in advance and debited the amount to Prepaid Advertising. What adjustment should be made to record expired advertising on the firm's December 31, 2010, worksheet?

Reference no: EM131767165

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