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. 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:
Accumulated Depreciation - Equipment
Unearned Service Revenue
Wages and Salaries Expense
A credit to Prepaid Insurance for $2,340.
A debit to Prepaid Insurance for $780.
A credit to Prepaid Insurance for $780.
A debit to Prepaid Insurance for $2,340.
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