Answered Essay: 25. Schroeder Co. had the lonowmg taiisactio 2016. The Schroeder Co. original entries can be recorded as an asset or an expense a

25. Schroeder Co. had the lonowmg taiisactio 2016. The Schroeder Co. original entries can be recorded as an asset or an expense account and the accountant must be able to analyze the original transactions and record the succeeding adjusting entries. 9 points June 30, 2016, paid an annual casualty insurance premium of $5,400 for a policy beginning July 1, 2016 and ending June 30, 2017 A. Provide the appropriate journal entries to record the adjusting entry for the accounts at 12/31/16 year-end close, assuming that no entries have been made between the transaction date and year-end and assuming that the transaction was originally recorded in an asset account. On June 30, 2016 the debit is to an asset account and cash was credited. The original entry was: Prepaid Insurance $5,400 Cash $5,400 December 31 The adjusting entry, 6 months later is? Hint: Prepaid Insurance is decreased.
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25. Schroeder Co. had the lonowmg taiisactio 2016. The Schroeder Co. original entries can be recorded as an asset or an expense account and the accountant must be able to analyze the original transactions and record the succeeding adjusting entries. 9 points June 30, 2016, paid an annual casualty insurance premium of $5,400 for a policy beginning July 1, 2016 and ending June 30, 2017 A. Provide the appropriate journal entries to record the adjusting entry for the accounts at 12/31/16 year-end close, assuming that no entries have been made between the transaction date and year-end and assuming that the transaction was originally recorded in an asset account. On June 30, 2016 the debit is to an asset account and cash was credited. The original entry was: Prepaid Insurance $5,400 Cash $5,400 December 31 The adjusting entry, 6 months later is? Hint: Prepaid Insurance is decreased.

Expert Answer

 

Journal Entry
Date Particulars Dr. Amt. Cr. Amt.
A. Insurance Expenses                             Dr.          2,700
   To Prepaid Insurance          2,700
B. Prepaid Insurance                                Dr.          2,700
   To Insurance Expenses          2,700
C. Income Summary                                  Dr.          2,700
   To Insurance Expenses          2,700
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