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Question 24

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  1. Refer to the trial balance of Morrell, Inc.
     
    On July 1, Morrell paid four months in advance for insurance.  Which of the following is included in the adjusting entry at July 31?

    Choose one answer.

    Morrell, Inc.

    Morrell, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows:

    Debit

    Credit

    Cash

    $12,920

    Accounts Receivable

    9,620

    Supplies

    1,300

    Prepaid Insurance

    3,120

    Equipment

    26,000

    Accumulated Depreciation – Equipment

    $10,400

    Unearned Service Revenue

    6,500

    Capital Stock

    7,190

    Retained Earnings

    23,400

    Dividends

    1,560

    Service Revenue

    16,510

    Wages and Salaries Expense

    7,800

    Utilities Expense

    380

    Rent Expense

    1,300

    $64,000

    $64,000

    a.

    A credit to Prepaid Insurance for $2,340.

    b.

    A debit to Prepaid Insurance for $780.

    c.

    A credit to Prepaid Insurance for $780.

    d.

    A debit to Prepaid Insurance for $2,340.

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