Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $17,047 and unexpired insurance of $6,768, for the fiscal year ending on April 30? a. debit Insurance Expense, $17,047; credit Prepaid Insurance, $17,047 b. debit Insurance Expense, $10,279; credit Prepaid Insurance, $10,279 c. debit Prepaid Insurance, $10,279; credit Insurance Expense, $10,279 d. debit Prepaid Insurance, $17,047; credit Insurance Expense, $17,047
Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $17,047 and unexpired insurance of $6,768, for the fiscal year ending on April 30? a. debit Insurance Expense, $17,047; credit Prepaid Insurance, $17,047 b. debit Insurance Expense, $10,279; credit Prepaid Insurance, $10,279 c. debit Prepaid Insurance, $10,279; credit Insurance Expense, $10,279 d. debit Prepaid Insurance, $17,047; credit Insurance Expense, $17,047
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Which of the following is the proper
a. debit Insurance Expense, $17,047; credit Prepaid Insurance, $17,047
b. debit Insurance Expense, $10,279; credit Prepaid Insurance, $10,279
c. debit Prepaid Insurance, $10,279; credit Insurance Expense, $10,279
d. debit Prepaid Insurance, $17,047; credit Insurance Expense, $17,047
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