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The total premium for each policy was paid in full for all

Question - An analysis of the company's insurance policies provided the following facts.

Policy Date of Purchase Months of Coverage Cost

Policy A Date of Purchase Months of Coverage Cost

A April 1, 2014 24 11,640

B April 1, 2015 36 10,440

C August 1, 2015 12 9,240

The total premium for each policy was paid in full (for all months) at the purchase date, and the prepaid insurance account was debited for the full cost. (Year-end adjusting entries for prepaid insurance were properly recorded in all prior years.)

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Accounting Basics: The total premium for each policy was paid in full for all

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Accounting Basics: The total premium for each policy was paid in full for all

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