an accountant made the following adjustments at december 31, the end of the accounting period: view the…

an accountant made the following adjustments at december 31, the end of the accounting period: view the adjustments. read the requirements. requirement 1. journalize the adjusting entries. (record debits first, then credits. exclude explanations from any journal entries.) a. prepaid insurance, beginning, $500. payments for insurance during the period, $2,000. prepaid insurance, ending, $400.

an accountant made the following adjustments at december 31, the end of the accounting period: view the adjustments. read the requirements. requirement 1. journalize the adjusting entries. (record debits first, then credits. exclude explanations from any journal entries.) a. prepaid insurance, beginning, $500. payments for insurance during the period, $2,000. prepaid insurance, ending, $400.

Answer

Explanation:

Step1: Calculate insurance expense

Insurance expense = Beginning prepaid insurance + Insurance payments - Ending prepaid insurance. So, $500 + 2000 - 400=$2100$.

Step2: Determine journal - entry accounts

To record the insurance expense, we debit Insurance Expense and credit Prepaid Insurance.

Answer:

Accounts Debit Credit
Insurance Expense $2100$
Prepaid Insurance $2100$