Question: A 12 month assurance policy was acquired December. 1 for $3,600 . the prepaid insurance account was upgraded to accommodate the purchase. (1)…
Questions: Multi Select Choose all that are applicable 12 month insurance plan was purchased the 1st of December. 1, for $4,000. the insurance prepaid account (2 )…
An insurance policy for 12 months was purchased on December. 1 for $3600, and the prepaid insurance account was upgraded to meet the amount. 14- Show the necessary 1 answer with zero votes: Explaination The journal entry on Dec.1 will be the following: Prepaid insurance account debit of $3600 Credit to the cash account $3,600 At the conclusion of the month, the amount is (3)
Your company purchased a 12-month insurance policy at 36,000 dollars in the month of January.
What is the entry that will record the monthly insurance expenses in March?
SELECT ONLY ONE
Debit Accrued Payables $3,000 Credit Insurance Expense $3,000
Debit Insurance Expense $3,000 Credit Cash $3,000
Debit Prepaid Insurance $3,000 Credit Insurance Expense $3,000
Debit Insurance Expense $3,000 Credit Accrued Liabilities $3,000
Debit Insurance Expense $3,000 Credit Prepaid Insurance $3,000