Homework Answers
$1600 (i.e. $9600/ 6) should be included in the adjusting journal entry on December 31.
$1600 should be debited to Insurance Expense account.
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em 10 of 20 The $9,600 balance in Fellows Company's prepaid insurance account represents six months...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,920 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,920 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,240 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,240 and Insurance Expense of $0. The Insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31, 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year....
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
Depreciation on the company's equipment for 2017 is computed to be $12,000. The Prepaid Insurance account...
Depreciation on the company's equipment for 2017 is computed to be $12,000. The Prepaid Insurance account had a $9,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $840 of unexpired insurance coverage remains. The Office Supplies account had a $310 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $366...
Depreciation on the company's equipment for 2017 is computed to be $11,000. The Prepaid Insurance account...
Depreciation on the company's equipment for 2017 is computed to be $11,000. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $1,160 of unexpired insurance coverage remains. The Office Supplies account had a $440 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $519...
The balance in the Prepaid Rent account before adjustment at the end of the year is...
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $5,600 on January 1, 2017. During 2017, it purchased $2,300 of supplies. As of December 31, 2017, a supplies inventory shows $950 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
a. On July 1, 2017, Lopez Company paid $3,200 for six months of insurance coverage. No...
a. On July 1, 2017, Lopez Company paid $3,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $9,000 on January 1, 2017. During 2017, it purchased $4,000 of supplies. As of December 31, 2017, a supplies inventory shows $1,800 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31, 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,920 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,240 and Insurance Expense of $0. The Insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31, 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
a. On July 1, 2017, Lopez Company paid $1,500 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $5,600 on January 1, 2017. During 2017, it purchased $2,300 of supplies. As of December 31, 2017, a supplies inventory shows $950 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
a. On July 1, 2017, Lopez Company paid $3,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2017 b. Zim Company has a Supplies account balance of $9,000 on January 1, 2017. During 2017, it purchased $4,000 of supplies. As of December 31, 2017, a supplies inventory shows $1,800 of supplies available. Prepare the journal entries to reflect expiration of the insurance and correctly report the...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31, 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
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