Recorded an adjusting journal entry for the portion of insurance coverage
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- How is the account Prepaid Insurance classified and on which financial statement should it be recorded? Group of answer choices current asset, balance sheet current liability, balance sheet expense, income statement revenue, income statementDefine accrued liabilities. What adjusting journal entry is required to record accrued liabilities?The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance, should appear in the: a.Trial Balance Credit column. b.Income Statement Debit column. c.Adjusted Trial Balance Credit column. d.Balance Sheet Debit column
- What adjusting journal entry is required to record accrued liabilities?INSTRUCTIONS: CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES INSURANCE EXPENSE AND PREPAID INSURANCEWhen should a company report the cost of an insurancepolicy as an expense?a. When the company first signs the policy.b. When the company pays for the policy.c. When the company receives the benefits from thepolicy over its period of coverage.d. When the company receives payments from the insurance company for its insurance claims.
- The type of account and normal balance of prepaid insurance would be A. Asset, credit B. Asset, debit C. Contra asset, credit D. Contra asset, debitPrepare the Adjusting Journal Entry.compare the current year balance in prepaid insurance and insurance expense with the prior year's balances considering any changes in operations. You said that you would examine reconciliation of the account and segregation of duties, can you give an example as to why?