What Is the Proper Adjusting Entry at June 30, the End

question 167

Multiple Choice

What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000?

• A) Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000.
• B) Debit Insurance Expense, $18,500; Credit Prepaid Insurance, $18,500.
• C) Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500.
• D) Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500.

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Definitions:

Naloxone

A medication used to block the effects of opioids, particularly in overdose situations.

Operative Site

The specific area on the body where surgery is performed, requiring careful preparation and postoperative care to prevent infection.

Pain Medication

Drugs or substances used to alleviate pain, ranging from over-the-counter analgesics to prescription opioids.

Ice Pack

A bag filled with ice or gel that's cooled and applied to the body to reduce inflammation, swelling, and pain.