Bristol Corporation is a manufacturer of high tech industrial parts that was started in 1999 by two talented engineers with little business training. In 2011, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2011 before any adjusting entries or closing entries were prepared.
a. A five year casualty insurance policy was purchased at the beginning of 2009 for $35,000. The full amount was debited to insurance expense at the time.
prepare any journal entry necessary as a result of the situation described (you may ignore taxes). (If no journal entry is required, please specifically state that.) And also prepare any adjusting entry required for 2011 related to the situation described. (If no adjusting journal entry is required, please specifically state that.)
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