https://imgur.com/a/0Fvj4 view image above for chart QUESTION 9 Choose the corre

Question

https://imgur.com/a/0Fvj4

view image above for chart

QUESTION 9

Choose the correct Adjusting entry to record one month of insurance for June.

A. Debit Insurance Expense $900 and Credit Prepaid Insurance $900

B. Debit Prepaid Insurance $37.50 and Credit Insurance Expense $37.50

C. Debit Prepaid Insurance $900 ad Credit Insurance Expense $900

D. Debit Insurance Expense $37.50 and Credit Prepaid Insurance $37.50

E. None of these are correct

A. Debit Insurance Expense $900 and Credit Prepaid Insurance $900

B. Debit Prepaid Insurance $37.50 and Credit Insurance Expense $37.50

C. Debit Prepaid Insurance $900 ad Credit Insurance Expense $900

D. Debit Insurance Expense $37.50 and Credit Prepaid Insurance $37.50

E. None of these are correct

Explanation / Answer

Answer D is correct.

Insurance Expenses need to be debited by $ 37.50 and prepaid insurance to be credited.

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.