Homework Answers
Prepaid insurance account is decreased with a credit. Prepaid insurance is shown under head of current assets in balance sheet. Prepaid insurance shows debit balance, which can only be decreased by crediting it. Prepaid insurance is a position of the insurance that has been paid in advance and available for set off.
Accounts payable, unearned revenue and service revenue shows credit balance, those can only be decreased by debiting it account.
Hence option "C" is correct, prepaid insurance account is decreased by crediting it's account.
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