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Anna35 [415]
3 years ago
7

what is the effect on the financial statements when adjust the prepaid insurance account at year-end for insurance coverage whic

h has expire
Business
1 answer:
yan [13]3 years ago
5 0

Answer:

When prepaid insurance (or any other prepaid expense) is adjusted at year end in order to record accrued expenses, financial statements are affected in the following way:

  • income statement: costs increase, decreasing profits
  • balance sheet: assets and equity decrease
  • cash flow statement: cash from operating activities increases
  • owners' equity: decreases

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2 years ago
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