Homework Answers
Answer is Debit to prepaid insurance expense
The entry for advance payment of insurance expenses is prepaid expenses account is debit and cash is credit. Prepaid expenses are advance payment of expenses and will be recognised as expense in future period when they accrue. Cash is no debited since it is credited for cash going out. Insurance expense is not debited since the advance payment expenses are not accrued to account it as expense. So answer is debit to prepaid insurance expense
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Payment of an expense in advance requires a O Debit to Cash O Debit to insurance...
debit Insurance Expense JILLE debit Insurance Expense $400 and credit Prepare debit Insurance Payable S500 and...
debit Insurance Expense JILLE debit Insurance Expense $400 and credit Prepare debit Insurance Payable S500 and credit Insurance Expense $500 debit Insurance Expense S500 and credit Prepaid Insurance $500 d Part IV. Journal Entries (10 points) von Morfin, a CPA who loves sports, has decided to open his own business called Morfin's cons services. For the given business transaction, please analyze and provide the proper joumal entry re co cach transaction. (Note: All entries are from Morfin's Consulting Services' perspective!...
What is the adjusting entry when prepaid insurance expires? Select one: a. debit insurance expense and...
What is the adjusting entry when prepaid insurance expires? Select one: a. debit insurance expense and credit prepaid insurance b. debit prepaid insurance and credit insurance expense c. debit prepaid insurance and credit cash d. debit cash and credit insurance expense
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
An accrued expense occurs when: Multiple Choice O Cash payment (or an obligation to pay cash)...
An accrued expense occurs when: Multiple Choice O Cash payment (or an obligation to pay cash) occurs before the exp O An expense is recorded at the same time as the cash payment. O The expense is recognized before the payment of cash. O Cash is paid but an expense is never recorded. < Pr On July 1, 2021, Charlie Co. paid $18,000 to Rent An Office for rent covering 18 months from July 2021 through December 2022. What adjusting...
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.
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,900 cash in advance on July 1 for a one-year lease on office space. Purchased $3,400 of supplies on account on April 15. At year-end, $270 of supplies remained on hand. Received a $8,800 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $3,800 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to...
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
Each of the following independent events requires a year-end adjusting entry. Paid $9,400 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,400 cash in advance on July 1 for a one-year lease on office space. Purchased $2,700 of supplies on account on April 15. At year-end, $250 of supplies remained on hand. Received a $10,300 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $4,400 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
Each of the following independent events requires a year-end adjusting entry. Paid $9,100 cash in advance...
Each of the following independent events requires a year-end adjusting entry. Paid $9,100 cash in advance on July 1 for a one-year lease on office space. Purchased $3,300 of supplies on account on April 15. At year-end, $330 of supplies remained on hand. Received a $10,400 cash advance on July 1 for a contract to provide services for one year beginning immediately. Paid $3,100 cash in advance on February 1 for a one-year insurance policy. Required Record each event and...
What is different between advance payment and prepaid expense? and give an example!
What is different between advance payment and prepaid expense? and give an example!
debit Insurance Expense JILLE debit Insurance Expense $400 and credit Prepare debit Insurance Payable S500 and credit Insurance Expense $500 debit Insurance Expense S500 and credit Prepaid Insurance $500 d Part IV. Journal Entries (10 points) von Morfin, a CPA who loves sports, has decided to open his own business called Morfin's cons services. For the given business transaction, please analyze and provide the proper joumal entry re co cach transaction. (Note: All entries are from Morfin's Consulting Services' perspective!...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
An accrued expense occurs when: Multiple Choice O Cash payment (or an obligation to pay cash) occurs before the exp O An expense is recorded at the same time as the cash payment. O The expense is recognized before the payment of cash. O Cash is paid but an expense is never recorded. < Pr On July 1, 2021, Charlie Co. paid $18,000 to Rent An Office for rent covering 18 months from July 2021 through December 2022. What adjusting...
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.
Coyote Co. paid $8,000 rent in advance. The journal entry would require: O A. debit to Cash, credit to Rent Expense. B. debit to Cash, credit to Prepaid Rent. ° C. debit to Prepaid Rent, credit to Cash. D. debit to Rent Expense, credit to Cash. The columns on a trial balance represent: OA. subtotals and totals. O B. revenues and expenses. O C. debits and credits O D. common stock and dividends The columns on a trial balance represent:...
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