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mework JBC i Saved Help Save ,,2. QS 3-5(Algo) Prepaid (deferred) expenses...

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QS 3-5(Algo) Prepaid (deferred) expenses adjustments LO P1
For each separate case below, follow the three-step process for adjusting the prepaid asset account at December 31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.
Assume no other adjusting entries are made during the year.
a. Prepaid Insurance. The Prepaid Insurance account has a $6,200 debit balance to start the year. A review of insurance policies shows that $1,650 of unexpired insurance remains at year-end.
b. Prepaid Insurance. The Prepaid Insurance account has a $7,390 debit balance at the start of the year. A review of insurance policies shows $1,640 of insurance has expired by year-end.
\table[[,,,],[,,,Prepaid Insurance],[Step 1: Determine what the current account balance equals.,,,],[,,,]]
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