Question
On March 15, Smart Inc. paid $6,000 for a one-year insurance policy that starts on April 1. What is the adjustment that is made on
On March 15, Smart Inc. paid $6,000 for a one-year insurance policy that starts on April 1. What is the adjustment that is made on April 30?
Decrease prepaid insurance and increase retained earnings by $500 each | |
Increase prepaid insurance and decrease cash by $6,000 each | |
Increase insurance expense and decrease cash by $6,000 each | |
Decrease prepaid insurance and decrease retained earnings by $500 each |
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Using QuickBooks Accountant 2018 For Accounting
Authors: Glenn Owen
16th Edition
0357042085, 9780357042083
