Ledgers, Inc. had prepaid insurance of 500 on May 1 of which 300 ...

[mydiamond]

Ledgers, Inc. had prepaid insurance of 500 on May 1 of which 300 had expired as of May 31. The adjusting entry to record on May 31 is a debit to ________.
 
  A) Insurance expense of 300 and a credit to Cash of 300
  B) Prepaid insurance of 200 and a credit to Cash of 200
  C) Insurance expense of 200 and a credit to Prepaid insurance of 200
  D) Insurance expense of 300 and a credit to Prepaid insurance of 300

Question 2

A(n) ____ is an item of data that characterizes an entity or relationship.
 a. agent
  b. composite attribute
  c. attribute
  d. instance

[enass]

Answer to Question 1

D

Answer to Question 2

C

[mydiamond]

Excellent

[amcvicar]

Gracias!