Solved: Demaet cruise lines purchased a five-year insurance policy, Accounting Basics

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Demaet cruise lines purchased a five-year insurance policy

kindly answer the following with full explanation and not only the answer:

- Demaet Cruise Lines purchased a five-year insurance policy for its ships on April 1, 2013 for $100,000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2013 is?

- Gardner Company purchased a truck from Kutner Co. by issuing a 6-month 8% note payable for $37500 on November 1. On December 31, the accrued expense adjusting entry is?

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Accounting Basics: Demaet cruise lines purchased a five-year insurance policy

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