Author Question: Ledgers, Inc. had prepaid insurance of 500 on May 1 of which 300 had expired as of May 31. The ... (Read 90 times)

mydiamond · **on:** Jul 5, 2018

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