On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and...
On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and during 2016 the overall account balance (i.e. reportedby the company on its financial statements) increased by $300. During 2016, cash payments for future insurance coverage totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry.
| A. |
Prepaid Insurance Expense (dr) $300 Insurance Expense (cr) $300 |
|
| B. |
Insurance Expense (dr) $4,700 Prepaid Insurance Expense (cr) $4,700 |
|
| C. |
Prepaid Insurance Expense (dr) $5,000 Cash (cr) $5,000 |
|
| D. |
none of the answer choices provided are correct. |
|
| E. |
Insurance Expense (dr) $5,300 Prepaid Insurance Expense (cr) $5,300 |
Homework Answers
Answers: D
Insurance Expense (dr) $2,500
Prepaid Insurance Expense (cr) $2,500
(Being Insurance Adjestment Entry)
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On December 31, 2015, Dab Industries reported a prepaid
insurance expense account balance of $2,500 and...
On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and...
On December 31, 2015, Dab Industries reported a prepaid insurance expense account balance of $2,500 and during 2016 the overall account balance (i.e. reported by the company on its financial statements) decreased by $1,300. During 2016, cash payments for future insurance coverage totaled $5,000. Select the answer below that correctly presents the December 31, 2016 adjusting entry. O A. Prepaid Insurance Expense (dr) $5,000 Cash (or) $5,000 B. "none of the answer choices provided are correct. C. Insurance Expense (dr)...
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