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Note - 3 months from Oct to Dec is expensed off
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A company purchased a 12 month insurance policy on October 1 at a cost of $1,200....
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account...
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right. Prepaid insurance would be credited for $3,600. Cash would be credited for $3,600. Insurance expense would be debited for $300. Insurance expense would be debited for $3,600.
Reid Company's balance in prepaid insurance at the beginning and end of the year was $1,000...
Reid Company's balance in prepaid insurance at the beginning and end of the year was $1,000 and $1,200, respectively. This will be reported on the statement of cash flows using the indirect method as: Click the answer you think is right. a decrease of $200 which will be added to net income an increase of $200 which will be subtracted from net income an increase of $200 which will be added to net income a decrease of $200 which will...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance policy...
1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance policy covers the first six months of 2018. What will Banner record in December? a. Dr. b. Cr. 2. What will Banner record in January, 2018, related to the insurance in part(1). a. Dr. b. Cr. 3. Banner purchased equipment on January 1, 2018, for $120,000. The monthly depreciation is $1,000. What should Banner record on January 1, when the equipment is purchased? a. Dr....
Question 5 6 pts On May 1, 2019, ABC Company purchased a three-year insurance policy for...
Question 5 6 pts On May 1, 2019, ABC Company purchased a three-year insurance policy for $5,400. Indicate if each of the following statements is true or false by clicking in the drop down box to the right of each statement. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches...
An individual can earn $4000 per month after 10 years if he deposits $20,075.07 in a...
An individual can earn $4000 per month after 10 years if he deposits $20,075.07 in a bank now. What is the percentage of interest offered at this bank? Click the answer you think is right. 15% 19.92% 1.92% 17% Do you know the answer? Read about this I know it Think so Unsure No idea
E3-29A (similar to) Question Help Yodel & Company paid $4,320 on October 1, 2010, for a...
E3-29A (similar to) Question Help Yodel & Company paid $4,320 on October 1, 2010, for a two-year insurance policy beginning on that date. The company recorded the entire amount as prepaid insurance. By using the following chart, calculate how much expense and prepaid insurance will be reported on the year-end financial statements. The company's fiscal year end is December 31. (Complete all answer boxes.) Insurance expense Prepaid insurance at December 31 2010 2011 2012
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy...
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
If a company has $3,000 of liabilities, $6,000 of total stockholders' equity, and $2,000 of common...
If a company has $3,000 of liabilities, $6,000 of total stockholders' equity, and $2,000 of common stock, the amount of total assets must be Click the answer you think is right. $8,000. $9,000. $7,000. $11,000. Read about this Do you know the answer? Unsure No idea Think so I know it
Warren Inc. purchased a $400,000 life insurance policy on the company president on January 1, 2017....
Warren Inc. purchased a $400,000 life insurance policy on the company president on January 1, 2017. The premium that was paid on January 1 amount to $11,60. In the first year, cash surrender value increased by $900 and dividends received by Warren from the insurance company for the year amount to $300. What was Warren's insurance expense for 2017? Select one: a. $12,500 b. $12,800 c. $10,400 d. $11,000
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right. Prepaid insurance would be credited for $3,600. Cash would be credited for $3,600. Insurance expense would be debited for $300. Insurance expense would be debited for $3,600.
Reid Company's balance in prepaid insurance at the beginning and end of the year was $1,000 and $1,200, respectively. This will be reported on the statement of cash flows using the indirect method as: Click the answer you think is right. a decrease of $200 which will be added to net income an increase of $200 which will be subtracted from net income an increase of $200 which will be added to net income a decrease of $200 which will...
On September 1, Taggert Company paid $1,800 for a 6-month insurance premium beginning September 1. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? (Check all that apply.) O Check all that apply. Taggert will credit Prepaid Insurance for $300 on Sept. 30. Taggert will debit Insurance Expense for $300 on Sept. 30. Taggert will debit Instrance Expense for $1,800 on Sept. 1. O Taggert will debit Prepaid Insurance for $1,500 on...
1. The Banner Company paid $1,200 for an insurance policy in December, 2017. This insurance policy covers the first six months of 2018. What will Banner record in December? a. Dr. b. Cr. 2. What will Banner record in January, 2018, related to the insurance in part(1). a. Dr. b. Cr. 3. Banner purchased equipment on January 1, 2018, for $120,000. The monthly depreciation is $1,000. What should Banner record on January 1, when the equipment is purchased? a. Dr....
Question 5 6 pts On May 1, 2019, ABC Company purchased a three-year insurance policy for $5,400. Indicate if each of the following statements is true or false by clicking in the drop down box to the right of each statement. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches...
An individual can earn $4000 per month after 10 years if he deposits $20,075.07 in a bank now. What is the percentage of interest offered at this bank? Click the answer you think is right. 15% 19.92% 1.92% 17% Do you know the answer? Read about this I know it Think so Unsure No idea
E3-29A (similar to) Question Help Yodel & Company paid $4,320 on October 1, 2010, for a two-year insurance policy beginning on that date. The company recorded the entire amount as prepaid insurance. By using the following chart, calculate how much expense and prepaid insurance will be reported on the year-end financial statements. The company's fiscal year end is December 31. (Complete all answer boxes.) Insurance expense Prepaid insurance at December 31 2010 2011 2012
ng Company purchased a 12-month 11. On September1, 2017 JHJ Publishing Company purchased a insurance policy for $2,400. Required: Record the entry to purchase the insurance ra the entry to purchase the insurance policy on Aprill. Also, recorded the adjusting required at December 31, 2017 12. On, September 1, 2018 JHJ Rental Car Company renewed its insurance coverage at a cost of $2,400. Required: Record the entry to renew the policy on September 1,2018 and adjusting entry required on December...
If a company has $3,000 of liabilities, $6,000 of total stockholders' equity, and $2,000 of common stock, the amount of total assets must be Click the answer you think is right. $8,000. $9,000. $7,000. $11,000. Read about this Do you know the answer? Unsure No idea Think so I know it
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