What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18680, and unexpired amounts per analysis of policies of $6100? O Debit Insurance Expense, $12580; Credit Prepaid Insurance, $12580. Debit Insurance Expense, $6100; Credit Prepaid Insurance, $6100. O Debit Insurance Expense, $18680; Credit Prepaid Insurance, $18680. O Debit Prepaid Insurance, $12580; Credit Insurance Expense, $12580.
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18680, and unexpired amounts per analysis of policies of $6100? O Debit Insurance Expense, $12580; Credit Prepaid Insurance, $12580. Debit Insurance Expense, $6100; Credit Prepaid Insurance, $6100. O Debit Insurance Expense, $18680; Credit Prepaid Insurance, $18680. O Debit Prepaid Insurance, $12580; Credit Insurance Expense, $12580.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...
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