Recorded as a debit to prepaid insurance, Accounting Basics

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Recorded as a debit to prepaid insurance

Assume Idaho company recorded the follow recorded the following adjusting entry at year end:
Insurance expense 2000
Prepaid 2000

If the beginning balance in prepaid insurance was 500 and 2500 was paid for an insurance premium during the year and recorded as a debit to prepaid insurance. The ending balance in the prepaid insurance account (after the above adjusting entry) would be??

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Accounting Basics: Recorded as a debit to prepaid insurance

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Accounting Basics: Recorded as a debit to prepaid insurance

Reference No:- TGS057927

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Q : Explain drug companies earn excessive profits

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Recorded as a debit to prepaid insurance

Reference No:- TGS057927

Recent Questions Asked Accounting Basics

Q : Where have you gone, charming billy

Q : Explain drug companies earn excessive profits

Q : Common stock held in treasury for a parcel of land

Q : Department of labor''s website

Q : Recorded as a debit to prepaid insurance

Q : Explain maximizing rational choice japanese or americans

Q : High political risk and the benefits

Q : Deem the account bad debt and write it off

Q : How do effects differ from those of per unit excise tax

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