dimanche 27 mai 2018

Homework Help - Accounting

Hello, smarties.

I'm taking a compressed accounting class, and I'm not going to lie, it's moving pretty fast. And I'm feeling a bit unsure.

Today, I am working on Adjustments. I'm on my last homework problem. Usually, I can figure out what to do even if I'm panicking at first, but I've tried this problem a million ways. I cannot get it. And this particular lesson doesn't have any clickable hints available or accompanying text-help provided.

I'm not asking anyone to do my homework for me, but if anyone's around, could you maybe look at this problem and nudge me in the right direction? I'm missing something, and I'm sure it's something obvious. Here is the problem:

Arnez Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The company’s annual accounting period ends on December 31, 2016. The following information concerns the adjusting entries to be recorded as of that date.

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

Policy A - purchased April 1, 2014 - covers 24 months - cost $9600
Policy B - purchased April 1, 2015 - covers 36 months - cost $8424
Policy C - purchased August 1, 2016 - covers 12 months - cost $7200

I'm to record an adjusted journal worksheet entry for that info. I know it's an Insurance Expense debit and a Prepaid Insurance credit, but I can't figure out how to do the math. I know I must be missing something stupid.

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