Unadjusted trial balance columns of the work sheet, Accounting Basics

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Unadjusted trial balance columns of the work sheet

A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in:

1. $200 less in net income.
2. $200 more in net income.
3. $200 difference between the debit and credit columns of the Unadjusted Trial Balance.
4. $200 of prepaid insurance.

Please explain in steps.

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Accounting Basics: Unadjusted trial balance columns of the work sheet

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Accounting Basics: Unadjusted trial balance columns of the work sheet

Reference No:- TGS091575

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: Unadjusted trial balance columns of the work sheet

Reference No:- TGS091575

Recent Questions Asked Accounting Basics

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Q : What journal entry was required for the fund-based statement

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Q : Unadjusted trial balance columns of the work sheet

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