Accrual Accounting and Adjusting Entry Demonstrated for Pre-paid Insurance

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In this video I show you how to easily handle pre-paid insurance with Accrual Accounting. I show you how to make an Adjusting Entry.

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On May 1, 2011, A company using accrual accounting purchased equipment costing $500, 000. The company expects the equipment useful life of five years. At the time of purchase, the company also purchased a one-year insurance policy on the equipment, which cost $6, 000. How much insurance expenses should the company have recognized for the year ending in 2011? According to books answer is $4, 000 but how did they come up with that answer. Please help and thanks in advance.

RichtreshaDorris