Help Save & Exit Submit Saved epaid Expenses my work mode : This shows what is c

Question

Help Save & Exit Submit Saved epaid Expenses my work mode : This shows what is correct or incorrect for the work you have completed so fer. It does not indicete completion. Return to question $1,600 of i DR or CR? 7 290 Step 1. Determine what the current account balance equals 1,600 Step 2 Determine what the current account balance shoud $ 5,692Dbt 5,692 Record the December 31, adusting entry to got from step 1 to stop2 Adjusting Entry Debit Credit esurance Expense 1,800 Prepaid Insurance 1,600 K Prev 2 of 7 Next BACK

Explanation / Answer

DR OR CR Prepaid Insurance Step1: Determine the current account balance equals 7290 Dr   7290 1600 Step2: Deterrmine the current account balance should equal 5690.00 Dr. 5690.00 Step3: Record Adjusting entry Insurance expense Account Dr. 1600      Prepaid insurance 1600

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