At January 1,Smith has a beginning balance in Prepaid insurance expense of $1,200.Smith pays insurance premiums once a year,and his total premium is $4,800.As of the end of February,the balance in prepaid insurance is $2,000.

Name: At January 1,Smith has a beginning balance in Prepaid insurance expense of $1,200.Smith pays insurance premiums once a year,and his total premium is $4,800.As of the end of February,the balance in prepaid insurance is $2,000.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Calculations: $4,800/12 = $400

At January 1,Smith Has a Beginning Balance in Prepaid Insurance