can anyone help with these practice test questions? QUESTION 1 At year-end, the balance...
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Accounting
can anyone help with these practice test questions?
QUESTION 1 At year-end, the balance in the prepaid insurance account, prior to any adjustments, is $6,000. The amount of the journal entry required to record insurance expense will be $4,000 if the amount of unexpired insurance applicable to future periods is $2,000 O True False QUESTION 2 The type of account and normal balance of Prepaid Insurance is O a. contra asset, credit contra asset, debit Oc, asset, debit Od. asset, credit QUESTION 3 What effect will this adjustment have on the accounting records? Unearned Revenue 6,375 Fees Earned 6,375 a increase net income b. increase revenues reported for the period c. decrease liabilities O d. all of these are true
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