Question
Mrs. Gupta purchased insurance in advance for $2400 for 12 months. Record adjusting entry for insurance expiration at the end of 7 months. A. debit
Mrs. Gupta purchased insurance in advance for $2400 for 12 months. Record adjusting entry for insurance expiration at the end of 7 months.
A. debit prepaid insurance $2400; Insurance expense $2400.
B. Debit Prepaid Insurance $1000; Insurance Expenses $1000
c. Debit insurance $1400; Credit prepaid insurance $1400
D. Debit prepaid insurance $1400; Credit insurance expenses $1400
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Introduction To Finance Markets, Investments, And Financial Management
Authors: Ronald W Melicher, Edgar Norton
13th Edition
0470128925, 9780470128923
