At December 31, 2014, before any year-end adjustments, Janus Company's Prepaid Insurance account had a balance of $2,800. It was determined that $1,200 of the Prepaid Insurance had expired. The adjusted balance for Prepaid Insurance for the year would be:

Question

Quizplus · Accepted Answer

The expired amount of $1,200 is subtracted from the initial balance of $2,800, leaving an adjusted balance of $1,600 for Prepaid Insurance.

At December 31, 2014, Before Any Year-End Adjustments, Janus Company's