[The folowing Information applies to the questions displayed below) Hoffman, Inc

Question

[The folowing Information applies to the questions displayed below) Hoffman, Inc adjuss is books each month but clodes ts books at the end of the year The tialbalance at March 31 before adjustments is as follows Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation: Equipment Unearned Service Revenue Capital Stock Retained Earnings Dividends Service Revenue Earned Salaries Expense Utilities Expense Rent Expense $ 18,986 9,688 1,360 3.360 29,480 11,760 6,800 s, see 23,7e0 ,620 18,798 8,180 458 1,608 66,sse 66,5se Multiple Choice A credit to Prepaid insurance for $2,520 A credit to Prepaid Insurance for $840 A debit to Prepeid Insurance for $2,520 A debit to Prepeid Insurence for $840

Explanation / Answer

Adjusting entry :

So answer is b) A credit to prepaid insurance for $840

date account and explanation debit credit Insurance expense (3360/4) 840     Prepaid insurance 840 (To record adjusting entry)

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