Solved: The beginning balance represents a one-year policy, Accounting Basics

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The beginning balance represents a one-year policy

The Prepaid Insurance account shows the following on November 30:

Beginning balance	$4,720
July 1	4,200
October 1	7,272

The beginning balance represents a one-year policy purchased in September of the PREVIOUS year. The July 1 entry represents a new one-year policy, and the October 1 entry represents additional coverage in the form of a three-year policy. I need help finding the debit and credit for insurance ex. and prepaid insurance

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Accounting Basics: The beginning balance represents a one-year policy

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