Match the following types of adjusting entries to the listed situation. (Choices may be used more than once.)
-Two years insurance premium was paid in advance

Name: Match the following types of adjusting entries to the listed situation. (Choices may be used more than once.) -Two years insurance premium was paid in advance
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Question

Quizplus · Accepted Answer

The situation of "Two years insurance premium was paid in advance" indicates that an expense has been paid in advance. This is an example of a deferred (prepaid) expense.

Match the Following Types of Adjusting Entries to the Listed