GB 518 RANK Let's Do This /gb518rank.com GB 518 RANK Let's Do This /gb518rank.com | Page 24

Debit Prepaid Insurance, $1,800; credit
Cash, $1,800
Debit Prepaid Insurance, $1,440; credit
Insurance Expense, $1,440
Debit Prepaid Insurance, $360; credit
Insurance Expense, $360
Debit Insurance Expense, $360; credit
Prepaid Insurance, $360
Debit Insurance Expense, $360; credit
Prepaid Insurance, $1,440
Question 19. Question :
A company pays each of its two
office employees each Friday at the rate of $100 per day each
for a five-day week that begins on Monday. If the monthly
accounting period ends on Tuesday and the employees worked
on both Monday and Tuesday, the month-end adjusting entry to
record the salaries earned but unpaid is:
Debit Unpaid Salaries $600 and credit
Salaries Payable $600
Debit Salaries Expense $400 and credit
Salaries Payable $400
Debit Salaries Expense $600 and credit
Salaries Payable $600