Introduction to Adjusting Journal Entries and Prepaid Expenses Video Lessons

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Problem: The adjusting entry to recognize the portion of Prepaid Insurance used up during the period would include: a) a credit to Cash b) a credit to Insurance Payable c) a debit to Prepaid Insurance d) a debit to Insurance Expense

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The adjusting entry to recognize the portion of Prepaid Insurance used up during the period would include:

a) a credit to Cash
b) a credit to Insurance Payable
c) a debit to Prepaid Insurance
d) a debit to Insurance Expense

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