Question Info

This question is public and is used in 56 tests or worksheets.

Type: Open-Ended
Category: Accounting
Level: Continuing Education
Author: arankin
Last Modified: 6 years ago

View all questions by arankin.

Accounting Question

View this question.

Add this question to a group or test by clicking the appropriate button below.

Continuing Education Accounting

On December 1 a company paid $1,200 for the insurance premium
covering the cost of insurance from December 1 through May 31.
When making the payment on December 1, the company debited
Insurance Expense for $1,200 and it credited Cash for $1,200.
Prepare the adjusting entry to be made as of December 31.
You need to have at least 5 reputation to vote a question down. Learn How To Earn Badges.