Homework Answers
The adjusting entry would be
| DEBIT | CREDIT | |
| Insurance expense (Expense increase) | 11,000 | |
| Prepaid Insurance (Asset decrease) | 11,000 | |
| (12,000/12 months) * 11 months | ||
.
Option A is the answer
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1. A firm purchased a three-year insurance policy for
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2. On December 1, 2019, a firm signed a contract with
local radio station for advertising that will extend over a
two-year period. The firm paid $31,680 in advance and debited the
amount to Prepaid Advertising.
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