Question: When a prepayment is made for an insurance policy using the alternative method, the debit is made to the Insurance Expense account. Question 7 options:

When a prepayment is made for an insurance policy using the alternative method, the debit is made to the Insurance Expense account.

Question 7 options:

True False

When the original entry for prepaid insurance is debited to Insurance Expense, the adjusting entry would debit Insurance Expense and credit Prepaid Insurance.

Question 8 options:

True False

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