Gizmo Inc. purchased a one-year insurance policy on October 1 for $1,800. The adjusting entry on December 31 would be $$\begin{array} { | c | c | c | c | c | }
\hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}$$

Question

Gizmo Inc. purchased a one-year insurance policy on October 1 for $1,800. The adjusting entry on December 31 would be $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Gizmo Inc. purchased a one-year insurance policy on October 1 for $1,800. The adjusting entry on December 31 would be $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Date } & \text { Description } & \text { Post. Ref. } & \text { Debit } & \text { Credit } \
\hline & & & & \
\hline & & & & \
\hline
\end{array}$$

Gizmo Inc Purchased a One-Year Insurance Policy on October 1 for for $1,800