Question a company takes out a two year fire insurance, Ask an Expert

Accounting

Question: A company takes out a two year fire insurance policy costing $28905.07 on May 1, 20 x 4. The cost of the policy was debited to the Insurance Expense account. At December 31, 20x4, the adjusting entry will include which of the following: Select one:

- A credit to prepaid insurance of $19270.05

- A credit to insurance expense of $8430.65

- A debit to insurance expense of $9635.02

- A credit to insurance expense of $19270.05

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92579183

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