Question: Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Amount of insurance expired (used) is $830. 2. Amount of unexpired

Analyze each situation and indicate the correct dollar amount for the adjusting entry.

1. Amount of insurance expired (used) is $830.


(Balance Sheet) Prepaid Insurance (Income Statement) Insurance Expense TB 960 Adj. Adj. Bal.


2. Amount of unexpired (remaining) insurance is$340.

Analyze each situation and indicate the

(Balance Sheet) Prepaid Insurance (Income Statement) Insurance Expense TB 960 Adj. Adj. Bal.

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