Question 3

On March 1, 20X3, Jimenez purchased a one-year insurance policy for $2,400. On that date, Jimenez debited Prepaid Insurance for $2,400. If Jimenez desires to prepare financial statements at the end of March, the adjusting journal entry would include a:

Question 3 options:

	debit to Insurance Expense for $200.
	credit to Insurance Expense for $2,200.
	credit to Prepaid Insurance for $2,200.
	None of these.

Question 4

The proper journal entry to record depreciation of a truck would entail which of the following?

Question 4 options:

	A debit to Depreciation Expense.
	A credit to Accumulated Depreciation.
	A credit to Truck.
	Two of these options

Question 5

Collin Printing began operations on January 1. On January 7, Collin purchased supplies on account for $1,000. At the end of January, Collin had $600 of supplies on hand. The proper journal entry for the January 7 transaction would:

Question 5 options:

	include a debit to Supplies for $600.
	include a credit to Supplies for $400.
	None of these.
	include a debit to Supplies for $1,000.