The chart of accounts for Corning Company includes the following:Account Name Account NumberCash11Accounts Receivable13Prepaid Insurance15Accounts Payable21Unearned Revenue24Corning, Capital31Corning, Drawing32Fees Earned41Salaries Expense54Rent Expense56Page 3 of the journal contains the following entry:1,530Prepaid Insurance1,530CashWhat is the posting reference that will be found in the prepaid insurance account?Oa. 13 Fees Earned54Salaries ExpenseRent Expense56Page 3 of the journal contains the following entry:Prepaid Insurance1,530Cash1,530What is the posting reference that will be found in the prepaid insurance account?Oa. 13Ob. 11Oc. 3Od. 1541

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Description: The chart of accounts for Corning Company includes the following:Account Name Account NumberCash11Accounts Receivable13Prepaid Insurance15Accounts Payable21Unearned Revenue24Corning, Capital31Corning, Drawing32Fees Earned41Salaries Expense54Rent Exp

Journal entries serve as a record of every transaction for a business. A financial transaction is…

Business

Accounting

The chart of accounts for Corning Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Corning, Capital 31 Corning, Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 3 of the journal contains the following entry: Prepaid Insurance 1,530 Cash 1,530 What is the posting reference that will be found in the prepaid insurance account?

The chart of accounts for Corning Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned Revenue 24 Corning, Capital 31 Corning, Drawing 32 Fees Earned 41 Salaries Expense 54 Rent Expense 56 Page 3 of the journal contains the following entry: Prepaid Insurance 1,530 Cash 1,530 What is the posting reference that will be found in the prepaid insurance account?

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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