The trial balance for Greenway Corporation appears as follows: If, on December 31, 2014, the insurance still unexpired amounted to $10, the adjusting entry would contain a:
A) debit to Prepaid Insurance for $50.
B) credit to Prepaid Insurance for $10.
C) debit to Insurance Expense for $50.
D) debit to Prepaid Insurance for $10.

Question

The trial balance for Greenway Corporation appears as follows:  If, on December 31, 2014, the insurance still unexpired amounted to $10, the adjusting entry would contain a:
A) debit to Prepaid Insurance for $50. 
B) credit to Prepaid Insurance for $10. 
C) debit to Insurance Expense for $50. 
D) debit to Prepaid Insurance for $10.

Quizplus · Accepted Answer

The Answer of The trial balance for Greenway Corporation appears as follows:  If, on December 31, 2014, the insurance still unexpired amounted to $10, the adjusting entry would contain a:
A) debit to Prepaid Insurance for $50. 
B) credit to Prepaid Insurance for $10. 
C) debit to Insurance Expense for $50. 
D) debit to Prepaid Insurance for $10.

The Trial Balance for Greenway Corporation Appears as Follows