Homework Answers
The last option i.e. $ 2800 is correct
Policy term = 6 Months
Policy cost = $16,800
Per month cost = $ 16,800 / 6 = $ 2800
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The remaining balance in Prepaid Insurance on December 31, 2021 of $12,600 was for a six-month...
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What is the proper adjusting entry at December 31, the end of the accounting period, if...
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Coffee Co. has a $3,600 balance in Prepaid Insurance that represents the premium paid in advance...
Coffee Co. has a $3,600 balance in Prepaid Insurance that represents the premium paid in advance for a six-month liability insurance policy. Assuming that 4 months of premium is still remaining, the adjustment would be recorded in the work sheet as a: a.credit to Insurance Expense, $2,400 b.debit to Prepaid Insurance, $1,200 c.credit to Prepaid Insurance, $1,200 d.debit to Insurance Expense, $2,400
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A partial adjusted trial balance of West Company at January 31, 2021. shows the following. WEST...
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Willow Window Washing Services prepares adjustments monthly and shows the following selected accounts on its December...
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Oriole Investments purchased an 12-month insurance policy on May 31, 2020 for $4500. The December 31, 2020 balance sheet would report Prepaid Insurance of O $0 because Prepaid Insurance is reported on the Income Statement O $4500 O $2625 $1875
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,750 before adjustment, and the unexpired amount per analysis of policies is, $3.750? Multiple Choice Debit Insurance Expense, $3,750, credit Prepaid Insurance, $3,750. O Debit Prepaid Insurance, $5,000; credit Insurance Expense. $5,000 O Debit Insurance Expense, $5,000; credit Prepaid Insurance, $5,000. Debit Insurance Expense, $8,750; credit Prepaid Insurance, $8,750. O Debit Cash $8,750 Credit Prepaid Insurance,...
On December 31, 2020, Right Angle Manufacturer Co. had a balance in its prepaid Insurance account оf $57,400. During 2021, $95,000 was paid for Insurance. At the end of 2021, after adjusting entries were recorded, the balance in the prepaid Insurance account was $46,500. Insurance expense for 2021 was: Multiple Choice o $10,900. o $95,000. o $105,900. o $152 400.
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Willow Window Washing Services prepares adjustments monthly and shows the following selected accounts on its December 31, 2020, unadjusted trial balance: Debit Credit $3.510 Account Prepaid insurance Prepaid office rent Prepaid subscriptions Prepaid equipment rental 19,500 24,360 inces Required: Prepare the required monthly adjusting entries at December 31, 2020, based on the following additional information: a. The remaining balance in Prepaid Insurance was for a six-month insurance policy purchased for $7020 and in effect on September 1.2020 b. $4.500 of...
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