Assume Minor Company Recorded the Following Adjusting Entry at Year-End

question 51

Multiple Choice

Assume Minor Company recorded the following adjusting entry at year-end: If the beginning balance in prepaid insurance was $700 and $1,500 was paid for an insurance premium during the year,the ending balance in the prepaid insurance account (after the above adjusting entry) would be which of the following?

• A)$100 debit.
• B)$1,400 debit.
• C)$1,500 debit.
• D)$2,200 debit.

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