Assume Idaho Company recorded the following adjusting journal entry at year-end: Insurance expense $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \$ 2000 $
$ \quad $Insurance expense $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $ $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \$ 2000 $ If the beginning balance in prepaid insurance was $500 and $2,500 was paid for an insurance premium during the year,what is the ending balance in the prepaid insurance account after the above adjusting entry?

Question

Assume Idaho Company recorded the following adjusting journal entry at year-end: Insurance expense  $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \$ 2000 $
$ \quad $Insurance expense $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $ $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \$ 2000 $ If the beginning balance in prepaid insurance was $500 and $2,500 was paid for an insurance premium during the year,what is the ending balance in the prepaid insurance account after the above adjusting entry?

Quizplus · Accepted Answer

The Answer of Assume Idaho Company recorded the following adjusting journal entry at year-end: Insurance expense  $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \$ 2000 $
$ \quad $Insurance expense $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $ $ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \quad $$ \$ 2000 $ If the beginning balance in prepaid insurance was $500 and $2,500 was paid for an insurance premium during the year,what is the ending balance in the prepaid insurance account after the above adjusting entry?

Assume Idaho Company Recorded the Following Adjusting Journal Entry at Year-End