Ask Experts Questions for FREE Help !
Ask
    xierba's Avatar
    xierba Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Apr 6, 2010, 05:58 AM
    The entry to close the appropriate insurance account at the end of the accounting per
    7. The entry to close the appropriate insurance account at the end of the accounting period is (Points: 2)
    a.debit Income Summary; credit Prepaid Insurance
    b.debit Prepaid Insurance; credit Income Summary
    c.debit Insurance Expense; credit Income Summary
    d.debit Income Summary; credit Insurance Expense
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Apr 6, 2010, 06:12 AM

    d.debit Income Summary; credit Insurance Expense
Not your question? Ask your question View similar questions
 

Add your answer here.


Check out some similar questions!

What is the proper entry to close a tempory account? [ 1 Answers ]

What is the proper entry to close a tempory account?

How to journalize dividend declared and payment before year end close accouts [ 2 Answers ]

I have one case for our members to fix out in term of the dividend We have two respective companies (Com A and Com B) Com A declared and paid dividend to Com B, minority shareholder, with the amount of $60,000 in cash. The Com B paid 85% of the dividend income to its shareholders. Note:...

Can I close one account? [ 5 Answers ]

I have 2 retirement 401k accounts. (one of my companies was bought out by the other)I would like to close 1 of them out and put the money into a down on property in which to live. How much in penalties will this cost me % wise.

View more questions Search