Question
On August 1, 2019, a firm purchased a 1-year insurance policy for $5,700 and paid the...
On August 1, 2019, a firm purchased a 1-year insurance policy for $5,700 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is
Multiple Choice
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$1,900.
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$5,700.
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$3,325.
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$2,375.
Answers
On August 1, 2019, a from purchased a 1-year insurance policy for $57007 1 year expense of insurance = $5700 - 1 month expense of insurance - $ 5700 - $415 12 The insurance expense associated with the policy for the year ending December 31, 2019 is $475 X 5 = $2375 (we multiply by 5 because from Aug 1 to December 31 Time period is of months)
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