When making adjustments for prepaid insurance at the end of a fiscal year, if you have $16,000 before adjustments, and an unexpired amount of $6,000-is this adjusted as $10,000 credit to Prepaid Insurance and $10,000 debit to Insurance Expense?
Want to reply to this thread or ask your own question?
You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.