prepaid insurance is the cost of a 2 year insurance policy effective april 1 337710

1. Terry Thomas opens the Green Thumb Lawn Care Company on April 1.At April 30, thetrial balance shows the following balances for selected accounts.

Prepaid Insurance

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$ 3,600

Equipment

28,000

Notes Payable

20,000

Unearned Revenue

4,200

Service Revenue

1,800

Analysis reveals the following additional data.

1. Prepaid insurance is the cost of a 2 year insurance policy, effective April 1.

2. Depreciation on the equipment is $500 per month.

3.The note payable is dated April 1. It is a 6 month, 12% note.

4. Seven customers paid for the company’s 6 months’ lawn service package of $600

beginning in April.The company performed services for these customers in April.

5. Lawn services provided other customers but not recorded at April 30 totaled $1,500.

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