question 4.5.6

Question 4 (1 point) What does the unexpired insurance at the end of the fiscal period represent? An accrued asset An accrued liability An accrued expense A prepaid expense Question 5 (1 point) What are Amortization Expense and Accumulated Amortization classifed as, respectively? Amortization Expense is an expense: Accumulated Amortization is a contra asset Amortization Expense is an asset; Accumulated Amortization is an contra liability Amortization Expense is revenue; Accumulated Amortization is an asset Amortization Expense is a contra asset; Accumulated Amortization is an expense Question 6(1 point) The balance in the prepaid rent account before adjustment at the end of the year is $24,000, which represents four months' rent paid on December 1. What is the amount of the adjusting entry required on December 31? Debit Prepaid Rent, $18,000; credit Rent Expense, $18,000 Debit Rent Expense, $6,000; credit Prepaid Rent. $6,000. Debit Rent Expense, $18,000; credit Prepaid Rent, $18,000. Debit Prepaid Rent, $6,000; credit Rent Expense, $6,000