Question

Unit 4 Lab Assignment - AC113 / X > Wiley PLUS x G On July 1, 2017, Ling Co. pays $1 x + en.wileyplus.com/edugen/Iti/main.uni Kimmel, Survey of Accounting, le Help System Announcements - Brief Exercise 4-6 Your answer is partially correct. Try again. On July 1, 2017, Ling Co. pays $12.480 to Marigold Corp. for a 2 year insurance contract. Both companeshwefel years ending December 31. For uing Co., enter the July 1 transaction and the December 31 adjustment in the tabular summary that follows. (If a transaction results in a decrease in Assets abilities or stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset Layor Equity item that was reduced.) Prepaid Insurance Jul 1 Dec. 31 Click if you would like to Show Work for this questions on Show Work LINK TO TEXT Question Attempts of used SAVE FOR LATE SUBMIT ANSWER 41 PM et qe

Answer 1

Assets

=

Liabilities

+

Stockholders' Equity

Cash

Prepaid Insurance

Common Stock

+

Rev

-

Expenses

-

Div

Jul-01

$            -12,480

$          12,480

Dec-31

$           -3,120

$       3,120

Bal

$            -12,480

$            9,360

$       3,120

Note: Amount to be expensed = 12480*6/24 =

$            3,120