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anygoal [31]
3 years ago
10

A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments c

olumns show expired insurance of $200. This adjusting entry results in: Select one: a. $200 decrease in net income. b. $200 increase in net income. c. $200 difference between the debit and credit columns of the Unadjusted Trial Balance. d. $200 of prepaid insurance. e. An error in the financial statements.
Business
1 answer:
Nesterboy [21]3 years ago
6 0

Answer:

a. $200 decrease in net income.

Explanation:

When insurance is paid in advance, the entries required are;

Debit Prepaid Insurance

Credit Cash account

As time elapses and the insurance expires,

Debit Insurance expense

Credit Prepaid Insurance

Given that the Adjustments columns show expired insurance of $200, this will be recorded as an expense and will thus decrease the net income.

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Bill just financed a used car through his credit union. His loan requires payments of $275 a month for five years. Assuming that
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Hope that helps

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1 year ago
If aggregate expenditure in an economy equals 1,000 0. 9y and full employment real gdp equals 9,000, then this economy has:_____
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The economy would be in equilibrium as  AE = 1000 + 0.9Y

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<h3>What does total spending actually mean?</h3>

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For more information about aggregate expenditure refer to the link:

brainly.com/question/13525490

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