GB 518 Course Great Wisdom / tutorialrank.com GB 518 Course Great Wisdom / tutorialrank.com | Page 7

Question 11. Question :
On April 1, 2011, a company paid the
$1,350 premium on a three-year insurance policy with benefits
beginning on that date. What will be the insurance expense on the
annual income statement for the year ended December 31, 2011?

Question 12. Question :
is to:

The main purpose of adjusting entries

Record external transactions and events

Record internal transactions and events

Recognize assets purchased during the period

Recognize debts paid during the period

Correct errors