Question
he trial balance forSkysong, Inc.appears as follows: Skysong, Inc. Trial Balance December 31, 2022 Cash $280 Accounts Receivable 480 Prepaid Insurance 75 Supplies 166 Equipment
he trial balance forSkysong, Inc.appears as follows:
Skysong, Inc.
Trial Balance
December 31, 2022
Cash $280
Accounts Receivable 480
Prepaid Insurance 75
Supplies 166
Equipment 3680
Accumulated Depreciation, Equipment $550
Accounts Payable 353
Common Stock 1100
Retained Earnings 1290
Service Revenue 2768
Salaries and Wages Expense 920
Rent Expense 460
$6061 $6061
If, on December 31, 2022, the insurance still unexpired amounted to $18, the adjusting entry would contain a:
debit to Prepaid Insurance for $57.
debit to Insurance Expense for $57.
debit to Prepaid Insurance for $18.
credit to Prepaid Insurance for $18.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started