Question

12points Item 10 Item 10 12 points On August 1, 2019, a firm purchased a 1-year...

12points

Item 10

Item 10 12 points

On August 1, 2019, a firm purchased a 1-year insurance policy for $5,400 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is

Multiple Choice

  • $5,400.

  • $1,800.

  • $3,150.

  • $2,250.

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Answer #1

Answer : S 2,250 Working Notes: Credit Date Aug.1,2019 Debit 5,400 $ $ 5,400 Account Titles and Explanation Prepaid Insurance

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