The Prepaid Insurance account shows the following on November 30:
| Beginning balance |
$4,720 |
| July 1 |
4,200 |
| October 1 |
7,272
|
The beginning balance represents a one-year policy purchased in September of the PREVIOUS year. The July 1 entry represents a new one-year policy, and the October 1 entry represents additional coverage in the form of a three-year policy. I need help finding the debit and credit for insurance ex. and prepaid insurance