On January 1 2016, Huxley Transport discovered that a five-year insurance premium payment of $111,000 at...

Transcribed Image Text:

On January 1 2016, Huxley Transport discovered that a five-year insurance premium payment of $111,000 at the beginning of 2014 was debited to insurance expense. The correcting entry would include what change to Retained Earnings? Indicate amount and whether you would Debit or Credit retained earnings: Answer with the amount and either a D or C right beside the amount no space. Example: if your answer is $1,000 debit, put 1,000D On January 1 2016, Huxley Transport discovered that a five-year insurance premium payment of $111,000 at the beginning of 2014 was debited to insurance expense. The correcting entry would include what change to Retained Earnings? Indicate amount and whether you would Debit or Credit retained earnings: Answer with the amount and either a D or C right beside the amount no space. Example: if your answer is $1,000 debit, put 1,000D

Answer rating: 100% (QA)

Yearly premium 1110005 22200 For Remain... View the full answer