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24 January, 05:30

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?

a. $700

b. $7,700

c. $8,400

d. $840

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Answers (1)
  1. 24 January, 07:37
    0
    a. $700

    Explanation:

    1 Year Liabilitie 8400

    1 month expense 8400:12

    1 monthe expense = 700
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