At December 31, 2020, before any year-end adjustments
At December 31, 2020, before any year-end adjustments, Bramble Company's Insurance Expense account had a balance of $2490 and its Prepaid Insurance account had a balance of $3780. It was determined that $2840 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be
$2840.
$2490
$5330
$3430
Homework Answers
The correct answer is $5,330.
Supporting calculations:
| Balance in Insurance Expense | $2,490 |
| Add: Prepaid Insurance expired for the period | $2,840 |
| Adjusted balance for Insurance Expense | $5,330 |
Therefore, adjusted balance for Insurance Expense is $5,330.
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please show work and give me explanation
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