Business, 07.03.2020 01:03 ferny5133

A company paid for 12 months of internet services for $800 on October 1. They recorded the transaction by debiting Prepaid Internet Service and crediting cash. Which of the following adjusting journal entries, recorded on December 31, is correct?

A. Debit internet expense $200 and credit prepaid internet service $200.

B. Debit prepaid internet service $200 and credit internet expense $200.

C. Debit prepaid internet service $600 and credit internet expense $600

D. Debit internet expense $200 and credit cash $200.

E. None of the above.

Answers: 2

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A company paid for 12 months of internet services for $800 on October 1. They recorded the transacti...