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A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in:

A. $200 less in net income

B. $200 more in net income

C. $200 difference between the debit and credit columns of the Unadjusted Trial Balance

D. $200 of prepaid insurance

E. An error in the financial statements

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M984882

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