Early in 2024, Brandon Transport discovered that a five-year insurance premium payment of $250,000 at the beginning of 2021 was debited to insurance expense. The correcting entry would include: Multiple Choice O a debit to prepaid insurance of $250,000 a debit to insurance expense of $100,000. a debit to prepaid insurance of $150,000. a credit to retained earnings of $100,000.

Early in 2024, Brandon Transport discovered that a five-year insurance premium payment of $250,000 at the beginning of 2021 was debited to insurance expense. The correcting entry would include: Multiple Choice O a debit to prepaid insurance of $250,000 a debit to insurance expense of $100,000. a debit to prepaid insurance of $150,000. a credit to retained earnings of $100,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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