Which of the following entries records the payment of insurance for the current month?
Insurance Expense, debit; Accounts Receivable, credit
Insurance Expense, debit; Cash, credit
Prepaid Insurance, debit; Cash, credit
Cash, debit; Insurance Expense, credit
On January 1, Merry Walker and other stockholders established a catering service. Listed below are accounts to use for transactions (a) through (d), each identified by a number. Following this list are the transactions that occurred during the first month of operations. You are to indicate for each transaction the accounts that should be debited and credited by selecting the account number(s) option in the dropdown (if more than one account is applicable, select the numbers separated by a comma e.g. “1,3”).
1.Cash2.Accounts Receivable3.Supplies4.Prepaid Insurance5.Equipment6.Truck7.Notes Payable8.Accounts Payable9.Common Stock10.Dividends11.Fees Earned12.Wages Expense13.Rent Expense14.Utilities Expense15.Truck Expense16.Miscellaneous ExpenseTransactionsAccount(s)
Crediteda. Stockholders purchased shares of common stock.
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