Financial Accounting

Free Version

Upgrade subject to access all content


Adjusting Entries: Insurance


Green Sod Company pays \$13,800 for a 30-month liability insurance policy on September 1, 2016.

If beginning balances are zero and this is the only insurance policy paid and used in 2016, what are the balances at December 31, 2017 after adjusting entries are recorded in the following accounts?