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The entry to close the appropriate insurance account at the end of the accounting period is     a.  debit Owner’s Capital; credit Prepaid Insurance     b.  debit Prepaid Insurance; credit Owner’s Capital     c.  debit Insurance Expense; credit Owner’s Capital     d.  debit Owner’s Capital; credit Insurance Expense

The entry to close the appropriate insurance account at the end of the accounting period is     a.  debit Owner’s Capital; credit Prepaid Insurance     b.  debit Prepaid Insurance; credit Owner’s Capital     c.  debit Insurance Expense; credit Owner’s Capital     d.  debit Owner’s Capital; credit Insurance Expense

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 2MC: Which of the following accounts is considered a permanent or real account? A. Interest Revenue B....
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The entry to close the appropriate insurance account at the end of the accounting period is

 

 

a. 

debit Owner’s Capital; credit Prepaid Insurance

 

 

b. 

debit Prepaid Insurance; credit Owner’s Capital

 

 

c. 

debit Insurance Expense; credit Owner’s Capital

 

 

d. 

debit Owner’s Capital; credit Insurance Expense
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