Adjusting journal entry to record expiration


Problem: Nash's Trading Post, LLC purchased a 12-month insurance policy on March 1, 2025 for $1800. At March 31, 2025, the adjusting journal entry to record expiration of this asset will include • a debit to Insurance Expense and a credit to Prepaid Insurance for $150. • a debit to Prepaid Insurance and a credit to Cash for $1800. • a debit to Insurance Expense and a credit to Cash for $150. • a debit to Prepaid Insurance and a credit to Insurance Expense for $180.

 

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Accounting Basics: Adjusting journal entry to record expiration
Reference No:- TGS03418138

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