Singapore GCE A-Level H2 Principles Of Accounting Practice Questions - Singapore GCE A-Level H2 Principles Of Accounting Examination (SEAB Syllabus 9593) Exam

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On 1 December 2025, Tan & Co paid S$12,000 for a 12-month insurance policy covering 1 December 2025 to 30 November 2026. Financial statements are prepared for the year ended 31 December 2025. What adjusting entry is required on 31 December 2025?

Debit Insurance Expense S$1,000; Credit Prepaid Insurance S$1,000 Debit Prepaid Insurance S$1,000; Credit Insurance Expense S$1,000 Debit Insurance Expense S$11,000; Credit Cash at Bank S$11,000 Debit Prepaid Insurance S$11,000; Credit Insurance Expense S$11,000

Correct Answer:

Debit Prepaid Insurance S$11,000; Credit Insurance Expense S$11,000

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