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  3. on may 15, 2021, the company recorded a prepaid ex

On May 15, 2021, the company recorded a Prepaid Expense (Account 1300) of $24,000 to...

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On May 15, 2021, the company recorded a Prepaid Expense (Account 1300) of $24,000 to Charles Schwab for one year of Insurance Expense. At the end of the month, you need to show the accrual of Insurance Expense (Account 6100) for the month of August 2021 for Charles Schwab (the June and July adjusting entries have already been recorded in NetSuite but the August adjusting entry was not made). You can verify the entries in the Prepaid Expense account by viewing the transactions that have been posted to it from the Chart of Accounts (covered in step 4-1). You need to create a journal entry to recognize the insurance expense for August. The date on the journal entry should be 8/31/2021. You are responsible for making the correct journal entry. Think about both the debit and credit (as well as the amount) needed for the journal entry based on knowledge from your financial accounting classes. In the name column for both the debit and credit entries, enter Charles Schwab

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