Homework Answers
| The adjusting entry would be | |||
| Date | Account Title | Debit | Credit |
| 31-Dec | Prepaid Insurance | 8286 | |
| Insurance Expenses | 8286 | ||
| (to record prepaid insurance) | |||
| Therefore correct option:a | |||
| Kindly give a positive rating if you are satisfied with this solution and please ask if you have any queries.. | |||
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On June 1, 20x7. Cambo Corp. paid an annual business insurance premium of $19886. At the...
On June 1, 20x7, Cambo Corp. paid an annual business insurance premium of $8582. At the...
On June 1, 20x7, Cambo Corp. paid an annual business insurance premium of $8582. At the time, the bookkeeper debited insurance expense and credited cash. It is now December 31, 20x7 and the adjusting entries are being prepared. Which of the following entries would adjust the prepaid insurance and insurance expense accounts to the appropriate balances? Select one: O a. Debit insurance expense $5006; Credit prepaid insurance $5006 O b. Debit prepaid insurance $3576; Credit insurance expense $3576 O C....
Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest •...
Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest • $25497 taken on Nov 30, 20x1 at 12% interest. The final year-end adjusting entry for interest expense for the year 20x1 will be: Select one: O a. A debit to interest expense of $ 1017 O b. A debit to interest expense of $ 948 O C. A credit to interest expense of $ 1203 d. A credit to interest expense of $ 1272...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin on July 1st Account Name Debit Credit A. Prepaid Insurance 900 Cash 900 B. Insurance Expense 900 Cash 900 C. Insurance Expense 1,800 Cash 1,800 D. Prepaid Insurance 1,800 1,800 Cash Record the required adjusting entry on September 30th for the insurance in transaction Q47. Since the purchase of the insurance on June 15th, there have not been any adjusting entries made related to...
43. Your company, which uses accrual basis accounting, pays $18,000 in advance to cover a 3-year insurance premium...
43. Your company, which uses accrual basis accounting, pays $18,000 in advance to cover a 3-year insurance premium and debits Prepaid Insurance. How much insurance expense has your company incurred after 1 year has elapsed? a. $18,000 b. $12,000 c. $6,000 d. $0 Use the following information for Questions 44 and 45: Your company shows the following data at the end of its first year: Credit sales for the year Accounts Receivable balance Allowance for Doubtful Accounts $1,000,000 100,000 4,000...
On November 1, 20X7, XYZ Co. prepaid rent for $60,000 for the next 12 months (from...
On November 1, 20X7, XYZ Co. prepaid rent for $60,000 for the next 12 months (from November 1, 20X7 through October 31, 20X8), recording the entire rental payment as prepaid rent on the November 1, 20X7 payment date. If adjusting entries are made monthly, what adjusting journal entry is needed on December 31, 20X7? a. Debit: Rent expense.…………...5,000 Credit: Cash………………………...5,000 b. Debit: Rent expense.……..…...10,000 Credit: Prepaid rent………………..10,000 c. Debit: Rent expense.…………..60,000 Credit: Prepaid rent………….…….60,000 d. Debit: Rent expense……...….….5,000 Credit: Prepaid...
1. On September 1, 2016, the Matisse Co. paid $12,000 for insurance to cover the next...
1. On September 1, 2016, the Matisse Co. paid $12,000 for insurance to cover the next 12 months. Assume the company prepares all adjusting journal entries at the end of the year, the adjusting journal entry prepared on 12/31/16 would include a: a. Debit to Cash and a credit to Prepaid Insurance of $4,000. b. Debit to Insurance Expense and a credit to Prepaid Insurance of $4,000. C. Debit to Insurance Expense and a credit to Cash of $4,000. d....
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately....
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Debit Cash for $4,200 and Credit Prepaid insurance for $4,200 Debit Prepaid insurance for $350 and Credit Insurance expense for $350 Debit Insurance expense for $350 and Credit Prepaid insurance for $350 Debit Cash for $8,400 and Credit Prepaid insurance for $8,400 Debit Insurance expense for...
complete adjusting entries in June. On 1st june, paid the annual insurance premium of $1956.Please include...
complete adjusting entries in June. On 1st june, paid the annual
insurance premium of $1956.Please include the formula so that I
could know how you could have those figure. Thanks
30 End of Month adjustments Insurance is paid once a year in advance on 1 June each year. No adjustment has been made during the year. Wages owing at 30 June $220. A stocktake in the office reveals that Packaging Materials on Hand are $640. Depreciation: Warehouse Fixtures and Fittings...
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the...
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
On June 1, 20x7, Cambo Corp. paid an annual business insurance premium of $8582. At the time, the bookkeeper debited insurance expense and credited cash. It is now December 31, 20x7 and the adjusting entries are being prepared. Which of the following entries would adjust the prepaid insurance and insurance expense accounts to the appropriate balances? Select one: O a. Debit insurance expense $5006; Credit prepaid insurance $5006 O b. Debit prepaid insurance $3576; Credit insurance expense $3576 O C....
Cuthill Corporation has 2 loans outstanding: $10398 taken on Feb 1, 20x1 at 8% interest • $25497 taken on Nov 30, 20x1 at 12% interest. The final year-end adjusting entry for interest expense for the year 20x1 will be: Select one: O a. A debit to interest expense of $ 1017 O b. A debit to interest expense of $ 948 O C. A credit to interest expense of $ 1203 d. A credit to interest expense of $ 1272...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin on July 1st Account Name Debit Credit A. Prepaid Insurance 900 Cash 900 B. Insurance Expense 900 Cash 900 C. Insurance Expense 1,800 Cash 1,800 D. Prepaid Insurance 1,800 1,800 Cash Record the required adjusting entry on September 30th for the insurance in transaction Q47. Since the purchase of the insurance on June 15th, there have not been any adjusting entries made related to...
43. Your company, which uses accrual basis accounting, pays $18,000 in advance to cover a 3-year insurance premium and debits Prepaid Insurance. How much insurance expense has your company incurred after 1 year has elapsed? a. $18,000 b. $12,000 c. $6,000 d. $0 Use the following information for Questions 44 and 45: Your company shows the following data at the end of its first year: Credit sales for the year Accounts Receivable balance Allowance for Doubtful Accounts $1,000,000 100,000 4,000...
1. On September 1, 2016, the Matisse Co. paid $12,000 for insurance to cover the next 12 months. Assume the company prepares all adjusting journal entries at the end of the year, the adjusting journal entry prepared on 12/31/16 would include a: a. Debit to Cash and a credit to Prepaid Insurance of $4,000. b. Debit to Insurance Expense and a credit to Prepaid Insurance of $4,000. C. Debit to Insurance Expense and a credit to Cash of $4,000. d....
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Debit Cash for $4,200 and Credit Prepaid insurance for $4,200 Debit Prepaid insurance for $350 and Credit Insurance expense for $350 Debit Insurance expense for $350 and Credit Prepaid insurance for $350 Debit Cash for $8,400 and Credit Prepaid insurance for $8,400 Debit Insurance expense for...
complete adjusting entries in June. On 1st june, paid the annual
insurance premium of $1956.Please include the formula so that I
could know how you could have those figure. Thanks
30 End of Month adjustments Insurance is paid once a year in advance on 1 June each year. No adjustment has been made during the year. Wages owing at 30 June $220. A stocktake in the office reveals that Packaging Materials on Hand are $640. Depreciation: Warehouse Fixtures and Fittings...
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
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