Problemlakeland motor homes is owned by joey and janice, Ask an Expert

Accounting

Problem:

Lakeland Motor Homes is owned by Joey and Janice Ramone. At the beginning of the year Lakeland purchased a one year insurance policy for $2,400 covering their showroom and surrounding facilities. Lakeland adjusts the insurance each month for the amount of the policy that's expired each month.

Required:

Question: Which of the following items would be a part of the adjusting entry at the end of every month?

A. $2,400 credit to Expired Insurance

B. $2,400 debit to Prepaid Insurance

C. $200 debit to Insurance Expense

D. $200 credit to Cash

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165313

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