Question

journal entry worksheet
an analysis of wtis insurance policies shows that $3,468 of coverage has expired.
note: enter debits before credits.
transaction general journal debit credit
a

Explanation:

Step1: Identify the accounts affected

When insurance coverage expires, the Insurance Expense account is debited and the Pre - paid Insurance account is credited.

Step2: Record the journal entry

Debit Insurance Expense for the amount of expired coverage and credit Pre - paid Insurance for the same amount.

Answer:

Transaction	General Journal	Debit	Credit
	Pre - paid Insurance		$3,468