On July 1, 2010, Noble Co. pays $10,800 to Russo Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Noble Co. journalize and post the entry on July 1 and the adjusting entry on December 31.
So far I have
JULY 1st DEBIT Insurance Expense of some $$$
JULY 1st CREDIT Prepaid Insurance of some $$$
DEC 31st DEBIT _______________
DEC 31st CREDIT _______________
help!
t-balance??
So far I have
JULY 1st DEBIT Insurance Expense of some $$$
JULY 1st CREDIT Prepaid Insurance of some $$$
DEC 31st DEBIT _______________
DEC 31st CREDIT _______________
help!
t-balance??