On July 1, 2017 Albacore Company Paid $5,200 for a 1-Year

question 29

Multiple Choice

On July 1, 2017 Albacore Company paid $5,200 for a 1-year insurance policy. To record this transaction Albacore Company should

• A) decrease cash and increase insurance expense.
• B) decrease cash and increase prepaid insurance.
• C) increase accounts payable and increase insurance expense.
• D) increase cash and increase prepaid insurance.

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Definitions:

Activities

Actions, tasks, or operations that individuals or groups engage in, often towards achieving a specific goal or purpose.

Treaties

Agreements between countries that are formally ratified and legally binding.

Court Rules

The procedures and guidelines established by courts governing the process and manner in which legal cases are conducted and managed.

Constitutional Due Process

A legal guarantee that a person will enjoy fairness, proper notice, and an opportunity to be heard before any governmental action affecting their rights is taken.