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Eve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability policy was $55,800 for 18 months, and the crop damage policy was $19,200 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2021?

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Tundexi

Answer:

The balance of Eve's Prepaid Insurance account as of December 31, 2021 is $28,200

Explanation:

Computation of prepaid Insurance

Insurance 1 ($55,800*6/18)       =  $18,600

Insurance 2 ($19,200*12/24)     =  $9,600

Total Prepaid Insurance               $28,200

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