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A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account...
Question 1: The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1,...
Question 1:
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018. In Blank [1] enter the account to be debited. In
Blank [2] enter the amount to be debited. In Blank [3] enter the
account to be credited. In Blank [4] enter the amount to be
credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________...
Question 1 options: The prepaid insurance balance reflects a 12-month insurance policy which started on Sept....
Question 1 options: The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and no adjustments were made from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. Dr. [1]_______________ [2]$_____________ Cr. [3]________________...
On January 1, a company purchased a five-year insurance policy for $3,600 with coverage starting immediately....
On January 1, a company purchased a five-year insurance policy for $3,600 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: Multiple Choice Debit Prepaid Insurance, $2.880; credit Insurance Expense, $2,880. Debit Prepaid Insurance, $3,600; credit Cash, $3,600. O Debit Insurance Expense, $720; credit Prepaid Insurance. $2.880. Debit Insurance Expense. $720; credit Prepaid Insurance, $720. O...
ABC Company pays $ 2,400 on Jan 1 for a 1 year insurance policy. For the...
ABC Company pays $ 2,400 on Jan 1 for a 1 year insurance policy. For the adjusting journal entry at Mar 31, which statement is correct? Prepaid insurance is debited for $600 Prepaid insurance is credited for $600. Insurance expense is debited for $800. Insurance expense is credited for $800.
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1, 2018, and...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
1. A firm purchased a two-year insurance policy for $4,800 on July 1, 2019. The $4,800...
1. A firm purchased a two-year insurance policy for $4,800 on July 1, 2019. The $4,800 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a one-year period. T firm paid $14,400 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry...
1. A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. The $10,080...
1. A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. The $10,080 was debited to the Prepaid Insurance account 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $43,560 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. Prepare the adjusting entry for advertising. Note: Enter debits before...
A company purchased a 12 month insurance policy on October 1 at a cost of $1,200....
A company purchased a 12 month insurance policy on October 1 at a cost of $1,200. On the December 31 annual financial statements: Click the answer you think is right. $300 is reported as a expense and $900 is reported as a liability $300 is reported as a expense and $900 is reported as an asset $1,200 is reported as an asset $1,200 is reported as an expense $1,200 is reported as a liability D Read shout this Do you...
1. A firm purchased a four-year insurance policy for $15,840 on July 1, 2019. The $15,840...
1. A firm purchased a four-year insurance policy for $15,840 on July 1, 2019. The $15,840 was debited to the Prepaid Insurance account 2 On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $47.880 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet < 1 2 Prepare...
Question 1:
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018. In Blank [1] enter the account to be debited. In
Blank [2] enter the amount to be debited. In Blank [3] enter the
account to be credited. In Blank [4] enter the amount to be
credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________...
On January 1, a company purchased a five-year insurance policy for $3,600 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: Multiple Choice Debit Prepaid Insurance, $2.880; credit Insurance Expense, $2,880. Debit Prepaid Insurance, $3,600; credit Cash, $3,600. O Debit Insurance Expense, $720; credit Prepaid Insurance. $2.880. Debit Insurance Expense. $720; credit Prepaid Insurance, $720. O...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
The prepaid insurance balance reflects a 12-month insurance
policy which started on Sept. 1, 2018, and no adjustments were made
from Sept. 1 – Dec. 31, 2018. Write the adjusting journal entry for
Dec. 31, 2018.
Insurance Expense
6,000
Prepaid Insurance
6,000
Additional depreciation expense of $15,000 needs to be recorded
for the year ended 2018.
Depreciation Expense
15,000
Accumulated Depreciation
15,000
Wages due to employees of $8,000 need to be recorded at year
end. These wages will be paid...
1. A firm purchased a two-year insurance policy for $4,800 on July 1, 2019. The $4,800 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a one-year period. T firm paid $14,400 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry...
1. A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. The $10,080 was debited to the Prepaid Insurance account 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $43,560 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. Prepare the adjusting entry for advertising. Note: Enter debits before...
A company purchased a 12 month insurance policy on October 1 at a cost of $1,200. On the December 31 annual financial statements: Click the answer you think is right. $300 is reported as a expense and $900 is reported as a liability $300 is reported as a expense and $900 is reported as an asset $1,200 is reported as an asset $1,200 is reported as an expense $1,200 is reported as a liability D Read shout this Do you...
1. A firm purchased a four-year insurance policy for $15,840 on July 1, 2019. The $15,840 was debited to the Prepaid Insurance account 2 On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $47.880 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet < 1 2 Prepare...
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