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  3. 2) you notice that the association paid $1,000 for

2) You notice that the Association paid $1,000 for an insurance policy during the year....

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Accounting

2) You notice that the Association paid $1,000 for an insurance policy during the year. The policy period is from 7/1/20 - 7/1/21, and the Associations year end is 12/31/20. The Association recorded the full $1,000 in insurance expense, but you notice that the policy covers part of next year, until 7/1/21. What would be the journal entry to correct this? That is, what account would you debit and what account would you credit?

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