The trial balance for Greenway Corporation appears as follows: If, on December 31, 2022, the insurance still unexpired amounted to $20, the adjusting entry would contain a:
A)debit to Prepaid Insurance for $62.
B)credit to Prepaid Insurance for $20.
C)debit to Insurance Expense for $62.
D)debit to Prepaid Insurance for $20.

Question

The trial balance for Greenway Corporation appears as follows:  If, on December 31, 2022, the insurance still unexpired amounted to $20, the adjusting entry would contain a:
A)debit to Prepaid Insurance for $62. 
B)credit to Prepaid Insurance for $20. 
C)debit to Insurance Expense for $62. 
D)debit to Prepaid Insurance for $20.

Quizplus · Accepted Answer

The Answer of The trial balance for Greenway Corporation appears as follows:  If, on December 31, 2022, the insurance still unexpired amounted to $20, the adjusting entry would contain a:
A)debit to Prepaid Insurance for $62. 
B)credit to Prepaid Insurance for $20. 
C)debit to Insurance Expense for $62. 
D)debit to Prepaid Insurance for $20.

The Trial Balance for Greenway Corporation Appears as Follows