Question
The journal entry to record expired prepaid insurance on factory equipment is debit Blank______.
Multiple choice question.
Prepaid Insurance and credit Accounts Payable
Work in Process and credit Prepaid Insurance
Manufacturing Overhead and credit Prepaid Insurance
Insurance Expense and credit Prepaid Insurance
Multiple choice question.
Prepaid Insurance and credit Accounts Payable
Work in Process and credit Prepaid Insurance
Manufacturing Overhead and credit Prepaid Insurance
Insurance Expense and credit Prepaid Insurance
Answers
GPT-4o mini
The correct journal entry to record expired prepaid insurance on factory equipment is:
**Debit Insurance Expense and credit Prepaid Insurance**.
So the answer is: **Insurance Expense and credit Prepaid Insurance**.
**Debit Insurance Expense and credit Prepaid Insurance**.
So the answer is: **Insurance Expense and credit Prepaid Insurance**.