Your company purchase a 12 month insurance policy for $36000 in January

The journal entry to record the monthly insurance expense in March is:

Debit Insurance costs $3,000

Credit Prepaid premiums $3,000

First step is to calculate the monthly expenses.

Monthly expenses  = $36,000/12 months

Monthly expenses = $3,000

Now let prepare the journal entry to record the monthly insurance expense

Debit Insurance costs $3,000

Credit Prepaid premiums $3,000

(To record insurance expense)

Inconclusion The journal entry to record the monthly insurance expense in March is:

Debit Insurance costs $3,000

Credit Prepaid premiums $3,000

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Question is incomplete

Your company purchased a twelve-month insurance policy for $36,000 in January. What's the entry to record the monthly insurance expense in March?

DateAccount and explanation

Insurance expense $3,000 (Debit)

Prepaid insurance $3,000 (Credit)

Step-by-step explanation:

Given

Insurance Policy = $36,000

Duration = 12 months

First we calculate the monthly entry.

This is calculated by dividing the cost of insurance policy by the duration.

Monthly Expenses = Cost / Number of months

Expenses = $36,000/12

Expenses = $3,000

The entry to record the monthly insurance expense in March is as follows

DateAccount and explanation

Insurance expense $3,000 (Debit)

Prepaid insurance $3,000 (Credit)

d

step-by-step explanation:

d

describing distributions is one of the key skills you’ll need to earn a high score on the ap statistics exam. if you need proof of this, just flip through some past exam questions, which can be found at the collegeboard website. you’ll notice that the first free response question is almost always a question requiring you to look at a graph and describe it.

step-by-step explanation: just trying to get points sorry : (