Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At November 30 2019 before end year adjustments my account showed the following: Insurance expense had a normal balance of $3800 The prepaid insurance account

At November 30 2019 before end year adjustments my account showed the following: Insurance expense had a normal balance of $3800 The prepaid insurance account had a normal balance of $1450 It is revealed that only $3000 of benefits from insurance were realized in the year ending November 30. Ignore GST

The adjusting journal entry will be:

a) debit prepaid insurance 800

b) credit prepaid insurance 1450

c)debit insurance expense 3000

d) credit repaid insurance 800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

10th Canadian Edition Volume 2

1118300858, 978-1118300855

Students also viewed these Accounting questions