Which of the following entries records the payment of insurance for the current month? a. Prepaid Insurance, debit; Cash, credit b. Insurance Expense, debit; Accounts Receivable, credit c. Insurance Expense, debit; Cash, credit d. Cash, debit; Insurance Expense, credit

Question

Ezequiel Cardenas

Business

14 September, 12:43

Which of the following entries records the payment of insurance for the current month? a. Prepaid Insurance, debit; Cash, credit b. Insurance Expense, debit; Accounts Receivable, credit c. Insurance Expense, debit; Cash, credit d. Cash, debit; Insurance Expense, credit

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Answers (1)

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Bass · Answer 1

The answer is c. Insurance Expense, debit; Cash, credit

Explanation:

The expense paid for is for the current month, the expense amount is debited to insurance expense account, and credit cash account.