kmarks Window Help 17% D Thu . newconnect.mheducation.com Chapter 03 Quiz profit

Question

kmarks Window Help 17% D Thu . newconnect.mheducation.com Chapter 03 Quiz profit margin formula- Google Search Chegg Study | Gulded Solutions and Study H.. Saved Help Save & Ex What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $7750 before adjustment, and the unexpired amount per analysis of policies is, $3.250? Multiple Choice Debit Prepaid Insurance, $4,500, credit Insurance Expense, $4,500 Debit Insurance Expense, $3.250, credit Prepaid Insurance, $3.250. Debit Insurance Expense, $7750; credit Prepaid Insurance, $7,750. Debit Insurance Expense, $4,500: credit Prepaid Insurance, $4,500,

Explanation / Answer

Correct answer is : Debit Insurance Expense $4,500 , Credit Prepaid Insurance $4,500 General Journal Debit Credit Insurance Expense $ 4,500 Prepaid Insurance $ 4,500 (Being insurance expense charged to prepaid insurance) Workings: Prepaid Insurance = $ 7,750 Less: Unexpired Insurance = $ 3,250 Insurance Expense = $ 4,500

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