At December 31, 2022, before any year-end adjustments, Janus Company's Prepaid Insurance account had a balance of $4,200.It was determined that $1,800 of the Prepaid Insurance had expired.The adjusted balance for Prepaid Insurance for the year would be:
A)$1,800.
B)$2,400.
C)$5,700.
D)$4,200.

Question

Quizplus · Accepted Answer

The adjusted balance for Prepaid Insurance is calculated by subtracting the expired amount ($1,800) from the initial balance ($4,200), resulting in $2,400.

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