At year-end, the balance in the prepaid insurance account, prior to any adjustments, is $6,000. The amount of the journal entry required to record insurance expense will be $4,000 if the amount of unexpired insurance applicable to future periods is $2,000.1. True2. False

1.True

Explanation:

When insurance is prepaid, the entries required are debit prepaid insurance and credit Cash. As the period for which the insurance cover was paid for runs out, debit Insurance expense, credit prepaid insurance.

As such when $4,000 of the $6,000 expires, it would be posted as a credit to prepaid insurance, hence unexpired insurance applicable to future periods which is the balance in the prepaid insurance is

= $6,000 - $4,000

= $2,000

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

answer; /// radio frequency identification;