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On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $420. The correct...

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Advance Math

On September 1, 2019, Jay Walker Company purchased a one-yearinsurance policy for $420. The correct adjusting entry on December31, 2019, is:

Multiple Choice

  • debit Insurance Expense $140; credit Prepaid Insurance $140

  • debit Insurance Expense $315; credit Prepaid Insurance $315

  • debit Prepaid Insurance $35; credit Insurance Expense $35

  • debit Prepaid Insurance $420; credit Insurance Expense $420

Answer & Explanation Solved by verified expert
4.1 Ratings (524 Votes)

Problem in answer then comment below. I will help you.

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please thumbs up for this solution. Thanks..

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Here option 1st is correct ...

Here insurance date is sept 2019 .. so for dec 2019 ...

4 month pass.. that means amount shown is (420/3) = 140 ..

So entries are

Dept insurance expense 140 , credit prepaid insurance 140 ...
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