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Refer to the trial balance of Morrell, Inc.
 
On July 1, Morrell paid four months in advance for insurance.  Which of the following is included in the adjusting entry at July 31?

Choose one answer.

Morrell, Inc.

Morrell, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows:

Debit

Credit

Cash

$12,920

Accounts Receivable

9,620

Supplies

1,300

Prepaid Insurance

3,120

Equipment

26,000

Accumulated Depreciation – Equipment

$10,400

Unearned Service Revenue

6,500

Capital Stock

7,190

Retained Earnings

23,400

Dividends

1,560

Service Revenue

16,510

Wages and Salaries Expense

7,800

Utilities Expense

380

Rent Expense

1,300

$64,000

$64,000

a.

A credit to Prepaid Insurance for $2,340.

.b

A debit to Prepaid Insurance for $780.

c.

A credit to Prepaid Insurance for $780.

d.

A debit to Prepaid Insurance for $2,340.

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