in the movie crimes in mrsdenenors whyr lrl in the movie crimes in mrsdenenors w

Question

in the movie crimes in mrsdenenors whyr lrl in the movie crimes in mrsdenenors whyr lrl in the movie crimes in mrsdenenors whyr lrl in the movie crimes in mrsdenenors whyr lrl 2. A one year insurance policy was purchased for $2,000. :. Three months has expired. a. debit to prepaid insurance for $500 b. credit to prepaid insurance for $500 c. credit to insurance expense for $1,500 d. debit to insurance expense for $1,500 . Accrued interest on note payable amounts to S100 a. credit to interest receivable for $100 b. credit to interest expense for $100 c. debit to interest expense for $100 debit to interest payable for $100

Explanation / Answer

2) Adjusting entry :

So answer is b) Credit to prepaid insurance for $500

3) Adjusting entry :

So answer is c) Debit to interest expense for $100

Date account & explanation debit credit Insurance expense (2000*3/12) 500 Prepaid insurance 500 (To record on three month expire)

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