Solution-What the accounts will show at june

What the accounts will show at june

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Reference no: EM132618984

Problem 1: If a company pays a 12-month insurance premium for $48,000 on 1 June 2020, at 30 June 2020 the accounts will show:

Select one:

Option a. A prepayment of $44,000 in the balance sheet and an insurance expense of $4,000 in the income statement

Option b. A prepayment of $4,000 in the balance sheet and an insurance expense of $44,000 in the income statement

Option c. $48,000 asset in the balance sheet

Option d. $48,000 expense in the income statement

Option e. None of the above

Reference no: EM132618984

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What the accounts will show at june

Reference no: EM132618984

Reference no: EM132618984

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