Insurance of $5,000 has been paid for October 2021 to 28 February 2022. The financial...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Insurance of $5,000 has been paid for October 2021 to 28 February 2022. The financial year end is on 31 March 2022. Monthly insurance is to remain consistent during the current year. What is the adjusting Journal Entry to record the insurance expense on 31 March 2022?
Group of answer choices
Dr Insurance $500, Cr Accrued expense $500
Dr Insurance $1,000, Cr Accrued expense $1,000
Dr Prepaid expense $500, Cr Insurance $500
Dr Prepaid expense $1,000, Cr Insurance $1,000
Next
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.