If Prepaid Insurance has an $82 unadjusted balance at December 31 2022 and the insurance still unexpired amounted to $20 the year-end adjustment would contain a(n):

Name: If Prepaid Insurance has an $82 unadjusted balance at December 31 2022 and the insurance still unexpired amounted to $20 the year-end adjustment would contain a(n):
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Question

Quizplus · Accepted Answer

The unexpired insurance is $20, so the expired portion is $62 ($82 - $20). Therefore, Insurance Expense should be increased by $62 to reflect the expired portion.

If Prepaid Insurance Has an $82 Unadjusted Balance at December