VCE Stuff > VCE Accounting
How did you think you went?
RD:
yeah I'm hoping my explanation was adequate.
sheepz:
another friend of mine just brought up a question...
for ques 2.2.2 with the balance day adjustment and closing entry for prepaid insurance, what figures did you guys use? i used $1200 i think for the BDA but my friend said wouldn't it be $3600 since its annual insurance (so the business would have paid and consumed the insurance before oct)
xoxo.:
I only used $3600 but i think its wrong..
I think you had to subtract 3600 from 4720 and add that amount to 2400 as insurance expense :S
so insurance expense should be 3520...
RD:
I cant even remember what I put.
sheepz:
lol i didnt even use the 4720... darn i should have detected something was weird there
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