What is the amount of the adjustment, and what accounts are debited - ProProfs Discuss
Topics
Products
Follow Us:

What is the amount of the adjustment, and what accounts are debited and credited on December 31?

A store purchased an insurance policy for $1,800 on September 1. It's fiscal period ended December 31.

1. $1,800; insurance expense and prepaid insurance.

2. $1,200; insurance expense and prepaid insurance.

3. $600; insurance expense and prepaid insurance.

4. $600; prepaid insurance and insurance expense.

This question is part of Accounting FBLA
Asked by Debbie, Last updated: Mar 12, 2020

+ Answer
Request

2 Answers

louisrollo

Louisrollo

Answered Feb 21, 2020

$600; prepaid insurance and insurance expense.

 

John Smith

John Smith

Answered Feb 01, 2017

$600; insurance expense and prepaid insurance
 

Search for Google images
Select a recommended image
Upload from your computer
Search for Google images
Select a recommended image
Upload from your computer
Search for Google images
Select a recommended image
Upload from your computer

Email Sent
We have sent an email to your address "" with instructions to reset your password.