Question
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18650,
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18650, and unexpired amounts per analysis of policies of $5990?
Debit Prepaid Insurance, $12660; Credit Insurance Expense, $12660.
Debit Insurance Expense, $12660; Credit Prepaid Insurance, $12660.
Debit Insurance Expense, $5990; Credit Prepaid Insurance, $5990.
Debit Insurance Expense, $18650; Credit Prepaid Insurance, $18650.
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Management And Cost Accounting
Authors: Colin Drury
5th Edition
1861525362, 978-1861525369
