Question

Which of the following entries records the payment of insurance for the current month? a.Prepaid Insurance, debit; Cash, credit b.Insurance Expense, debit; Accounts Receivable, credit c.Insurance Expense, debit; Cash, credit d.Cash, debit; Insurance Expense, credit

Answer 1

Answer:

The answer is c. Insurance Expense, debit; Cash, credit

Explanation:

The expense paid for is for the current month, the expense amount is debited to insurance expense account, and credit cash account.