Business, 22.02.2021 18:30 emmybear103002
A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was initially increased for the payment. The required adjusting journal entry on December 31 includes a:
a. credit to Insurance expense for $400.
b. debit to Prepaid insurance for $400.
c. debit to Insurance expense for $400.
d. debit to Insurance expense for $4,800.
Answers: 3
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A 12-month insurance policy was purchased on Dec. 1 for $4,800 and the Prepaid insurance account was...
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