Reference no: EM132920899
Problem 1: Smokey Company purchases a one-year insurance policy on July 1 for $13,608. The adjusting entry on December 31 is
a. debit Insurance Expense, $13,608 and credit Prepaid Insurance, $13,608
b. debit Prepaid Insurance, $12,474 and credit Cash, $12,474
c. debit Insurance Expense, $1,134 and credit Prepaid Insurance, $13,608
d. debit Insurance Expense, $6,804 and credit Prepaid Insurance, $6,804
Problem 2: Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $10,100 and unexpired insurance of $6,882, for the fiscal year ending on April 30?
a. debit Insurance Expense, $10,100; credit Prepaid Insurance, $10,100
b. debit Insurance Expense, $3,218; credit Prepaid Insurance, $3,218
c. debit Prepaid Insurance, $3,218; credit Insurance Expense, $3,218
d. debit Prepaid Insurance, $10,100; credit Insurance Expense, $10,100
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