Adjusting entries

New Zealand Discussion in 'Exams and Studying' started by Hillary, Apr 13, 2018.

  1. Hillary

    Hillary

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    I can't work this out. Can someone please help me? I am hung up on the fact that the adjusting entry is more than the trial balance and I don't know what to do?

    Trial balance as at 31 Mar 18 (the company started operation on 1 April 17)
    Insurance Expense 3,300DR

    Annual insurance premium of $3,600 was paid on 1 April 2017.

    what does the adjusting entry look like? how did you achieve that?

    Thank you
     
    Hillary, Apr 13, 2018
    #1
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