At December 31, 2018, before any year-end adjustments, Marigold Company's Insurance Expense account had a balance...
At December 31, 2018, before any year-end adjustments, Marigold
Company's Insurance Expense account had a balance of $2420 and its
Prepaid Insurance account had a balance of $3920. It was determined
that $2790 of the Prepaid Insurance had expired. The adjusted
balance for Insurance Expense for the year would be
- $5210
- $2420
- $3550
- $2790
Homework Answers
Answer: $2790
Entry for adjusting Insurance Expense :
Insurance Expense a/c Dr. 370
To Prepaid Insurance 370
(Insurance expensed)
Insurance Expense in Income statement = 2420 + 370 = 2790
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At December 31, 2018, before any year-end adjustments, Marigold
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