Hurley Company paid $52,800 for a four-year insurance policy on September 1 and recorded the...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Hurley Company paid $52,800 for a four-year insurance policy on September 1 and recorded the $52,800 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Hurley make on December 31, the end of the accounting period (no previous adjustment has been made)? Select one: A. Prepaid Insurance 4,400 Insurance Expense 4,400
B. Insurance Expense 13,200 Prepaid Insurance 13,200
C. Insurance Expense 4,400 Prepaid Insurance 4,400
D. Prepaid Insurance 48,400
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.