1 answer

6. On March 15, Smart Inc. paid $1,200 for a one-year insurance policy that starts on...

Question:

6. On March 15, Smart Inc. paid $1,200 for a one-year insurance policy that starts on April 1. What should be recorded to the
6. On March 15, Smart Inc. paid $1,200 for a one-year insurance policy that starts on April 1. What should be recorded to the accounting equation on March 15? Assets Liabilities Equity b. What adjustment should be recorded to the accounting equation to properly state the accounts at April 30? Assets Liabilities Equity

Answers

ANSWER:

(a)March'15 recording on Balance Sheet for Prepaid Insurance Policy:

Assets

Prepaid Insurance - 1,200

(b)April'30 recording on Balance Sheet for Prepaid Insurance Policy:

As the Prepaid for a month have been realised, an amount of INR 1,200/12 = 100 would be recorded on the expense side i.e. Liability side of the balance sheet

Liabilities

Insurance Expense 100

Comment below in case of any doubts

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