Q1 Business Insurance Annual Expense $ 12,000.00 Coverage Period 04/01/2020 - 03/31/2021 Here is the billing schedule of

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Q1 Business Insurance Annual Expense 12 000 00 Coverage Period 04 01 2020 03 31 2021 Here Is The Billing Schedule Of 1 (34.63 KiB) Viewed 50 times

Q1 Business Insurance Annual Expense $ 12,000.00 Coverage Period 04/01/2020 - 03/31/2021 Here is the billing schedule of the insurance carrier. Invoice Schedule Invoice Amount Invoice Date Installment 1 $ 3,000.00 3/15/2020 Installment 2 $ 1,500.00 4/30/2020 Installment 3 $ 1,500.00 5/31/2020 Installment 4 $ 1,500.00 6/30/2020 Installment 5 $ 1,500.00 7/31/2020 Installment 6 $ 1,500.00 8/31/2020 Installment 7 $ 1,500.00 9/30/2020 Assume no payment in March 2020 nor in April 2020. JE # 1 What GL account would you use when you record the installment 1 in the AP system? JE # 2 How much is the monthly expense? (Expense amount not payable amount) JE #3 Do you amortize the expense in March 2020 ? If so, please prepare a month-end JE. GL Account Name Debit Credit Date JE # 4 Do you amortize the expense in April 2020? If so, please prepare a month-end JE. Date GL Account Name Debit Credit