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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, $4,500?
A. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500
B. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500
C. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500
D. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,000
2006-11-06
18:11:42
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2 answers
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asked by
michaeljustussvcc
1
in
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