Homework Answers
The answer is b. Debit to Insurance Expense and a credit to Prepaid Insurance of $ 4000 as at the time of Payment the entry would have been Debit to Prepaid Insurance and credit to Cash for $ 12000. This means that the remaining $ 8000 is remained as Prepaid Insurance and would be reported in the Balance Sheet as it relates to a period that is after the end of Year (Not related to the FInancial Year under Accounting)
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1. On September 1, 2016, the Matisse Co. paid $12,000 for insurance to cover the next...
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...
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit...
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Multiple Choice Debit insurance expense $18,900, credit prepaid insurance $18,900. Debit prepaid insurance $18,900, credit cash $18,900. Debit prepaid insurance $18,900, credit insurance expense $18,900. Debit cash $18,900, credit prepaid insurance $18,900.
I got part a. but I need b. and c. 2. The Lease was paid in...
I got part a. but I need b. and c.
2. The Lease was paid in full for the next 6 months for a total of $12,000 on September 1, 2020. a. Create a journal entry to record the payment of the Lease. Sept. 1 Prepaid Rent Debit $12,000 Cash Credit $12,000 (Lease paid for the next 6 months in advance.) 1 b. Create the monthly Journal Entry to record the Lease Expense. c. What is the balance remaining in...
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...
Brief Exercise 3-05 On July 1, 2019, Blossom Co. pays $12,000 to Nash's Insurance Co. for...
Brief Exercise 3-05 On July 1, 2019, Blossom Co. pays $12,000 to Nash's Insurance Co. for a 4-year Insurance contract. Both companies have fiscal years ending December 31. For Blossom Co., Journalive and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to o decimal places, e.g. 5,275.) Date...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on that date. The payment was recorded with a debit in that amount to the Insurance Expense account. Print Complete the necessary adjusting entry by selecting the account names from the pull-down menus and entering dollar amounts in th debit and credit columns
66. On September 1, 2004, Merit Company paid the landlord $4,800 for one year's rent in...
66. On September 1, 2004, Merit Company paid the landlord $4,800 for one year's rent in advance. A temporary account was debited. The adjusting entry at December 31, 2004 would include a: debit to Prepaid Rent credit to Prepaid Rent debit to Rent Payable debit to Rent Expense none of the above 67. Refer to the above question. The amount of the adjusting journal entry at December 31, 2004 would be: $ 4,800 $ 3,200 $ 400 $ 1,600 none...
Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,000...
Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,000 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $5,400 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage...
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...
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...
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...
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Multiple Choice Debit insurance expense $18,900, credit prepaid insurance $18,900. Debit prepaid insurance $18,900, credit cash $18,900. Debit prepaid insurance $18,900, credit insurance expense $18,900. Debit cash $18,900, credit prepaid insurance $18,900.
I got part a. but I need b. and c.
2. The Lease was paid in full for the next 6 months for a total of $12,000 on September 1, 2020. a. Create a journal entry to record the payment of the Lease. Sept. 1 Prepaid Rent Debit $12,000 Cash Credit $12,000 (Lease paid for the next 6 months in advance.) 1 b. Create the monthly Journal Entry to record the Lease Expense. c. What is the balance remaining in...
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...
Brief Exercise 3-05 On July 1, 2019, Blossom Co. pays $12,000 to Nash's Insurance Co. for a 4-year Insurance contract. Both companies have fiscal years ending December 31. For Blossom Co., Journalive and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to o decimal places, e.g. 5,275.) Date...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on that date. The payment was recorded with a debit in that amount to the Insurance Expense account. Print Complete the necessary adjusting entry by selecting the account names from the pull-down menus and entering dollar amounts in th debit and credit columns
Garcia Company had the following selected transactions during the year. Jan. 1 The company paid $8,000 cash for 12 months of insurance coverage beginning immediately. Aug 1 The company received $5,400 cash in advance for 6 months of contracted services beginning on August 1 and ending on January 31. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage and services performed. Dec. 31 The company prepared any necessary year-end adjusting entries related to insurance coverage...
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...
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