Calculate year-end adjusted balances of prepaid insurance, Financial Accounting

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Calculate year-end adjusted balances of prepaid insurance

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $33,600 ($2,800/month).

Required:

Problem 1: Record the necessary entries in the Journal Entry Worksheet below.

Problem 2: Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0).

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Financial Accounting: Calculate year-end adjusted balances of prepaid insurance

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