Business, 15.11.2019 01:31 rgilliam3002
Hurlburt corporation renewed an insurance policy for 3 years beginning july 1 and recorded the $81,000 premium in the prepaid insurance account. the $81,000 premium represents an increase of $23,400 from the $57,600 premium charged 3 years ago.
assuming hurlburt's records its insurance adjustments only at the end of the calendar year, the adjusting entry required to reflect the proper balances in the insurance accounts at
december 31 hurlburt's year end is to
a. debit insurance expense for $67,500 and credit prepaid insurance for $67,500.
b. debit insurance expense for $13,500 and credit prepaid insurance for $13,500.
c. debit prepaid insurance for $13,500 and credit insurance expense for $13,500.
d. debit insurance expense for $23,100 and credit prepaid insurance for $23,100.
Answers: 2
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Hurlburt corporation renewed an insurance policy for 3 years beginning july 1 and recorded the $81,0...
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