Multiple Choice
On October 1, Blues Company paid $12,000 for one year of insurance, in advance. Which of the following will be part of the adjusting entry on December 31?
A) Debit Prepaid Insurance for $3,000
B) Debit Prepaid Insurance for $9,000
C) Debit Insurance Expense for $3,000
D) Debit Insurance Expense for $9,000
Correct Answer:
Verified
Correct Answer:
Verified
Q90: The requirement to report accounting information at
Q91: Closing entries:<br>A) are made at the beginning
Q92: With an accrual:<br>A) the cash is received
Q94: Which of the following is correct regarding
Q95: Accounting can be based on either the
Q96: On December 15, 2012, a company receives
Q97: An asset that is appreciating in value
Q98: Company A has current assets of 75,000
Q127: A journal entry contains a debit to
Q194: Temporary accounts are closed at the end