I need help with learning how to account for insurance and inventory that is left at the end of the month. Here
are my questions. How do I account for one months insurance expiring? How do I account the remaining inventory of repair supplies?
This is the question example that I am having trouble with.
Prepare adjusting entries using the following information in the General Journal below. Show your calculations!
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a) One month’s insurance has expired.
b) The remaining inventory of repair supplies is $200.
Here are the previous journal entries I have entered into my spreadsheet.
On March 1st – Paid the premium on a 1-year insurance policy, $2,400.
On March 8 – Purchase Repair Supplies from Jackson Company on credit $600