Question
Which accounts are affected, and in which direction, by the following business activity? Use account names from the expanded accounting equation. Select all that apply.
Which accounts are affected, and in which direction, by the following business activity? Use account names from the expanded accounting equation. Select all that apply.
One month's worth of insurance, previously paid for and accounted for correctly, has now expired.
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1) | Increase Cash |
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2) | No entry required |
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3) | Increase Accounts Payable |
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4) | Decrease Accounts Receivable |
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5) | Increase Insurance Expense |
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6) | Decrease Insurance Expense |
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7) | Decrease Accounts Payable |
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8) | Increase Accounts Receivable |
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9) | Decrease Prepaid Insurance |
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10) | Decrease Cash |
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11) | Increase Prepaid Insurance |
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