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Home Q & A Board Other Fields Homework Help Business Accounting
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gOOvER gOOvER
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6 years ago
The January 1, 2013, balance in the Prepaid Insurance account was $3,150 and represented the unexpired portion of a two-year policy purchased October 1, 2012. What is the required year-end adjusting journal entry on December 31, 2013?
A)
Dr. Insurance Expense   1,575
    Cr. Prepaid Insurance       1,575

B)
Dr. Insurance Expense   1,800
    Cr. Prepaid Insurance       1,800

C)
Dr. Prepaid Insurance   1,575
    Cr. Insurance Expense       1,575

D)
Dr. Prepaid Insurance   3,150
    Cr. Insurance Expense       3,150
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
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HanoiHanoi
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6 years ago
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gOOvER Author
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6 years ago
Thanks for your help!!
lubennick
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Yesterday
Good timing, thanks!
Katey_maree
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2 hours ago
This calls for a celebration Person Raising Both Hands in Celebration
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