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A company prepaid insurance for 2 years. The insurance came to effect on August 1,...

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Accounting

A company prepaid insurance for 2 years. The insurance came to effect on August 1, 2023 and the fiscal period of the company is December 1 of each year. The sum paid by the company was $3200. You are required to journalize the transaction when it was purchased and post the transaction on December 31, 2023 Use the T- account and journal to find how much insurance was consumed on December 31, 2024 if the balance of prepaid insurance is $750

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