The year end is 30/09/X0
Paid for insurance on 15/09/X0 for the period from 01/09/X0 to 31/08/X1 of £2,400.
What is the closing adjustment in the insurance account to reflect this information at the year end?
A) A prepayment of 0.5/12 of £2,400.
B) A prepayment of 11.5/12 of £2,400.
C) A prepayment of 1/12 of £2,400.
D) A prepayment of 11/12 of £2,400.
Correct Answer:
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