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Determine the balance in the prepaid insurance account

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Question 1: On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid insurance account of $67,400. During 2021, $105,000 was paid for insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid insurance account was $51,500. Insurance expense for 2021 was:

Multiple Choice

  1. $172,400.
  2. $15,900.
  3. $120,900.
  4. $105,000.

Reference no: EM132462191

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