Brief Exercise 3-5 On July 1, 2019, Blossom Company pays $24,300 to Kalter Insurance Co. for a 3-year insurance contract. Both compan

Brief Exercise 3-5 On July 1, 2019, Blossom Company pays $24,300 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Company, journalize and post the entry on July 1 and the annual adjusting entry on December 31. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually Record journal entries in the order presented in the problem Date Account Titles Debit Prepaid Insurance Insurance Expense

Brief Exercise 3-5 On July 1, 2019, Blossom Company pays $24,300 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Company, journalize and post the entry on July 1 and the annual adjusting entry on December 31. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually Record journal entries in the order presented in the problem Date Account Titles Debit Prepaid Insurance Insurance Expense

Expert Answer

 

Answer :-   Journal entries

Date Account Titles Debit ($) Credit ($)
July 1, 2019 Preapid insurance A/c Dr.

To Cash A/c

24300 24300
December 31, 2019 Insurance expense A/c Dr.

To Prepaid insurance A/c

4050 4050

(4050 = 24300 * 6 / 12 * 1 / 3)

  Prepaid insurance A/c

Particulars Debit ($) Particulars Credit ($)
To Cash A/c 24300 By Insurance expense A/c

By balance carried forward A/c

4050

20250

Total 24300 Total 24300

Insurance expense A/c

Particulars Debit ($) Particulars Credit ($)
To Prepaid insurance A/c 4050 By Income Summary A/c 4050

(Income summary account is also referred to as Profit & Loss account).

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