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Author Question: The balance in the Prepaid Insurance account before adjustment at the end of the year is 720, which ... (Read 81 times)

cmoore54

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on: Jul 6, 2018
The balance in the Prepaid Insurance account before adjustment at the end of the year is 720, which represents twelve months' insurance purchased on December 1 . The adjusting entry required for the month of December, on December 31, the end of the fiscal year, is
 a. debit Insurance Expense, 60; credit Prepaid Insurance, 60.
  b. debit Insurance Expense, 660; credit Prepaid Insurance, 660.
  c. debit Prepaid Insurance, 60; credit Insurance Expense, 60.
  d. debit Prepaid Insurance, 720; credit Insurance Expense, 720.
  e. debit Insurance Expense, 60; credit Insurance Payable, 60.

Question 2

The FASB has congressional authority to set accounting policies.
 
  Indicate whether the statement is true or false


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akpaschal

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Reply #1 on: Jul 6, 2018
Answer to Question 1

A

Answer to Question 2

T


cmoore54

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Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

JaynaD87

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Reply 3 on: Yesterday
Wow, this really help

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