The Trial Balance for Greenway Corporation Appears as Follows
Question 159
Question 159
Multiple Choice
The trial balance for Greenway Corporation appears as follows:
Cash ................................................................. Accounts Receivable ........................................ Prepaid Insurance ........................................... Supplies ........................................................ Equipment ....................... Accumulated Depreciation, Equipment ......... Accounts Payable ........................................ Common Stock.............................................. Retained Earnings .......................................... Service Revenue .......................................... Salaries and Wages Expense ....................... Rent Expense .............................................. Greenway Corporation Trial Balance December 31,2014$300500601404,0001,000500 $6,500$8003001,0001,4003,0000 $6,500 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.
Correct Answer:
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