Rapid Delivery Services Prepaid Insurance account had an unadjusted normal balance of $ 5,400, and an adjustment was crediting the account for $950; the account would appear on the worksheet as a(an): a. $4,450 debit balance in the Balance Sheet columns. b. $950 credit balance in the Income Statement columns. c. $4,450 credit balance in the Adjusted Trial Balance columns. d. $950 credit balance in the Balance Sheet columns. e. $4,450 debit balance in the Income Statement columns.
Rapid Delivery Services Prepaid Insurance account had an unadjusted normal balance of $ 5,400, and an adjustment was crediting the account for $950; the account would appear on the worksheet as a(an): a. $4,450 debit balance in the Balance Sheet columns. b. $950 credit balance in the Income Statement columns. c. $4,450 credit balance in the Adjusted Trial Balance columns. d. $950 credit balance in the Balance Sheet columns. e. $4,450 debit balance in the Income Statement columns.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Rapid Delivery Services Prepaid Insurance account had an unadjusted normal balance of $ 5,400, and
an adjustment was crediting the account for $950; the account would appear on the worksheet as a(an):
a. $4,450 debit balance in the
b. $950 credit balance in the Income Statement columns.
c. $4,450 credit balance in the Adjusted
d. $950 credit balance in the Balance Sheet columns.
e. $4,450 debit balance in the Income Statement columns.
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