Name: Which of the following ent Cash was paid by Ari\'s Alarm Service to credit

Question

Name: Which of the following ent Cash was paid by Ari's Alarm Service to creditors on account. Alarm Service records this transaction? a. Accounts Payable, debit; Account Receivable, credit b. Cash, debit; Retained Earnings, credit c. Accounts Payable, debit; Cash, credit d. Accounts Receivable, debit; Cash, credit 48. A company purchases a one-year insurance policy on June I for $1,260. The adjusting entr is 49. debit Prepaid Insurance, $630, and credit Cash, $630. a. b. debit Insurance Expense, $525 and credit Prepaid Insurance, $525. debit Insurance Expense, $630 and credit Prepaid Insurance, $630. debit Insurance Expense, $735, and credit Prepaid Insurance, $735. c. d. Current liabilities are those liabilities that a. b. c. d. 50. are owed to the stockholders and will never be paid are due to be paid in 5 to 10 years will be paid in less than one year are due to be paid in more than one year

Explanation / Answer

48 Accounts Payabe debit; Cash credit 49 Debit insurance expense $735, Credit prepaid insurance $735 (1260/12*7) 50 Current liabilities are those liabilities that will be paid in less than 1 year

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