these multiple choice Questions from ACCOUNTING PRINCIPLES 1 Course.I need the final. 7What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500,and unexpired amounts per analysis of policies of $4,500?O a. Debit Insurance Expense, $11,000; Credit Prepaid Insurance, $11,000.O b. Debit Insurance Expense, $15,500; Credit Prepaid Insurance, $15,500.O . Debit Insurance Expense, $4,500; Credit Prepaid Insurance, $4,500.O d. Debit Prepaid Insurance, $11,000; Credit Insurance Expense, $11,000.

Insurance expense = Prepaid insurance balance before adjustment - unexpired amount = $15500 - $4500…

What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies of $4,500? a. Debit Insurance Expense, $11.000; Credit Prepaid Insurance, $11,000. b. Debit Insurance Expense, $15,500; Credit Prepaid Insurance, $15,500. O . Debit Insurance Expense, $4,500; Credit Prepaid Insurance, $4,500. O d. Debit Prepaid Insurance, $11.000; Credit Insurance Expense, $11,000.

What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies of $4,500? a. Debit Insurance Expense, $11.000; Credit Prepaid Insurance, $11,000. b. Debit Insurance Expense, $15,500; Credit Prepaid Insurance, $15,500. O . Debit Insurance Expense, $4,500; Credit Prepaid Insurance, $4,500. O d. Debit Prepaid Insurance, $11.000; Credit Insurance Expense, $11,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...

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