Arid Company paid $1,704 on June 1 . 2013 . for a two-year insurance policy and recorded the entire amount as Insurance Expense. The December 31 . 2013 . adjusting entry is
a. debit Prepaid Insurance and credit Insurance Expense, $497.
b. debit Insurance Expense and credit Prepaid Insurance, $497.
c. debit Insurance Expense and credit Prepaid Insurance, $1,207.
d. debit Prepaid Insurance and credit Insurance Expense, $1,207.
D
You might also like to view...
A business entity is an individual, association, or organization that engages in economic activities but has no control over economic resources
Indicate whether the statement is true or false
While the ________ stage helps you make a persuasive plan, the ________ stage helps you put the plan into action and draft the message
A) analyzing; composing B) analyzing; evaluating C) composing; analyzing D) composing; evaluating E) evaluating; composing
What is the total stockholders' equity based on the following data? Common Stock $510,000 Excess of Issue Price Over Par 375,000 Retained Earnings (deficit) 50,000
A) $935,000 B) $885,000 C) $835,000 D) $560,000
Administrative agencies such as real estate planning boards, zoning commissions, and supervisory boards operate on the ________ level
A) state B) federal C) international D) city and county