Question
The prepaid insurance account had a beginning balance of $7,360 and was debited for $4,340 of premiums paid during the year. Journalize the adjusting entry
The prepaid insurance account had a beginning balance of $7,360 and was debited for $4,340 of premiums paid during the year.
Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $3,160. If an amount box does not require an entry, leave it blank.
| blank | Accounts PayableAccounts ReceivableCashInsurance ExpenseInsurance PayableInsurance RevenuePrepaid Insurance | - Select - | - Select - |
| Accounts PayableAccounts ReceivableCashInsurance PayableInsurance RevenuePrepaid ExpensePrepaid Insurance | - Select - | - Select - |
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Accounting for Non-Accounting Students
Authors: John R. Dyson
8th Edition
273722972, 978-0273722977
