A company pays $4,500 for an insurance policy covering six months. It is the end of the first month and the company needs to record an adjusting entry to recognize the insurance used during the month. Prepaid Insurance Cash 4,500dr 4,500 cr 750dr Insurance Expense Prepaid Insurance 750er JOURNAL Date Account Debit Credit 4,500 4.500 Prepaid Insurance Cash To recognize payment for insurance policy covering six months Insurance Expense Prepaid Insurance To recognize insurance used during one month 750 750 A company has five salaried employees, each earning $2,500 per month. In our example, assume that they do not get paid for this work until the first of the next month. The following is the adjusting journal entry for salaries. Journal Date Account Debit Credit Salaries Expense 12,500 Cash 12,500 To recognize salaries expenses incurred but not paid True False What does Credit (CR) mean? a Latin for "right-side". Latin for "decrease Latin for "opposite". Latin for "payment". z is accepting submissions until Tuesday, July 6, 2021 at 4:59 am Show instructions Question 8 of 37 Question 8 The numerical list of the accounts in the ledger is called the: a b journal ledger chart of accounts register d Next Page Once you click Next Page you will not be able to change your answer epting submissions until Tuesday, July 6, 2021 at 4:59 am Question 3 of 37 Page 3 of 37 Show instructions Question 3 The proprietor of a restaurant purchased a three-year insurance policy for cash. Recording the purchase of the policy requires a/an: asset to be debited, a fiability to be credited withdrawal account to be debited, an asset to be credited liability to be debited, an asset to be credited asset to be debited, and another asset to be credited. Next Page Once you dick Next Page you will not be able to change your