On December 1, XYZ paid $2,400 for the annual insurance premium covering the twelve-month period...
90.2K
Verified Solution
Link Copied!
Question
Accounting
On December 1, XYZ paid $2,400 for the annual insurance premium covering the twelve-month period beginning on December 1. XYZ recorded the $2,400 payment as of December 1 with a debit to the current asset Cash and a credit to the current liability Unearned Revenues. XYZ prepares monthly financial statements at the end of each calendar month. What is the adjusting entry at December 31: Question 5 options: a) dr. unearned revenues $200 cr. prepaid insurance $200 b) dr. unearned revenue $2400 dr. insurance expense $200 dr. prepaid insurance $2200 cr. cash $4800 c) dr. unearned revenues $2400
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.