The $9,600 balance in Fellows Company's prepaid insurance account represents 6 months' of insurance. The...

60.1K

Verified Solution

Question

Accounting

The $9,600 balance in Fellows Company's prepaid insurance account represents 6 months' of insurance. The insurance was purchased on December 1. Which of the following should be ir
journal entry on December 31?
a. Debit to Cash for $9,600
b. Debit to Insurance Expense for $1,600
c. Debit to Prepaid Insurance for $1,600
d. Debit to Insurance Expense for $9,600
image

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students