The year-end trial balance for Garnet & Gold Corporation appears as follows: Garnet & Gold Corporation...
The year-end trial balance for Garnet & Gold Corporation appears as follows:
Garnet & Gold Corporation
Trial Balance
December 31
| Debit | Credit | ||
| Cash | $ 300 | ||
| Accounts Receivable | 500 | ||
| Prepaid Insurance | 60 | ||
| Supplies | 140 | ||
| Equipment | 4,000 | ||
| Accumulated Depreciation, Equipment | $ 800 | ||
| Unearned Revenues | 300 | ||
| Common Stock | 1,000 | ||
| Retained Earnings | 1,400 | ||
| Service Revenue | 3,000 | ||
| Salaries and Wages Expense | 1,000 | ||
| Rent Expense | 500 | ||
| $ 6,500 | $ 6,500 |
If, at year-end, the unexpired insurance were $40, the company should record an adjusting entry that
Group of answer choices
debits Prepaid Insurance for $20 and credits Insurance Expense for $20.
debits Insurance Expense for $40 and credits Prepaid Insurance for $40.
debits Insurance Expense for $20 and credits Prepaid Insurance for $20.
debits Prepaid Insurance for $40 and credits Insurance Expense for $40.
debits Insurance Expense for $20 and credits Cash for $20.
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Homework Answers
Prepaid insurance already recorded = $60
Unexpired insurance at year en= $40
Therefore insurance expenses to recorded = $60-40 =$20
Correct journal entry would be:
debits Insurance Expense for $20 and credits Prepaid Insurance for $20.
Add Answer to:
The year-end trial balance for Garnet & Gold Corporation
appears as follows:
Garnet & Gold Corporation...
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