At December 31, 2022, Before Any Year-End Adjustments, Orion Company's

question 124

Multiple Choice

At December 31, 2022, before any year-end adjustments, Orion Company's Insurance Expense account had a balance of $2,600 and its Prepaid Insurance account had a balance of $7,600. It was determined that an additional $3,200 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be

• A) $2,600.
• B) $4,400.
• C) $3,200.
• D) $5,800.

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Definitions:

Pre-retirement Employees

Workers who are nearing the end of their career phase, typically focusing on retirement planning and transition.

Replacement

The action or process of substituting a person or thing with another, often because the original is old, broken, or no longer suitable.

Costs

The monetary value required to produce goods or services, including manufacturing, labor, and materials expenses.

Benefits

Advantages or financial assistance provided, typically by an employer, the government, or insurance.