Z Inc. paid $10,320 amount paid August 1, 2017, for one-year insurance and recorded the total on as insurance expense. The company closes its books on December 31 The adjusting entry to be prepared on December 31, 2017 will be: Account Titles Debit Credit (a) Insurance expense Prepaid insurance $4,300 $4,300 Account Titles Debit Credit (b) Prepaid insurance Insurance expense $6,020 $6,020 Debit Credit Account Titles (c) Prepaid insurance Insurance expense $4,300 $4,300 Account Titles Debit Credit (d) Insurance expense Prepaid insurance $6,020 $6,020
Z Inc. paid $10,320 amount paid August 1, 2017, for one-year insurance and recorded the total on as insurance expense. The company closes its books on December 31 The adjusting entry to be prepared on December 31, 2017 will be: Account Titles Debit Credit (a) Insurance expense Prepaid insurance $4,300 $4,300 Account Titles Debit Credit (b) Prepaid insurance Insurance expense $6,020 $6,020 Debit Credit Account Titles (c) Prepaid insurance Insurance expense $4,300 $4,300 Account Titles Debit Credit (d) Insurance expense Prepaid insurance $6,020 $6,020
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.10E
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