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On April 1, 20x4, a company paid $19385 for a three year insurance policy. The entire...
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire...
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4....
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4. The cost of the policy was debited to the Prepaid Insurance account. At Det ember 31, 20x4, the adjusting entry will include which of the following: Select one: a. A credit to prepaid insurance of $15034 b. A debit to insurance expense of $17181 c. A credit to prepaid insurance of $7517 d. A debit to insurance expense of $8591 Check
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4....
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4. The cost of the policy was debited to the Insurance Expense account 20x4, the adjusting entry will include which of the following: or follows Select one: a. A credit to prepaid insurance of $8012 b. A credit to insurance expense of $8012 © C. A debit to insurance expense of $400 d. A credit to insurance expense of Check
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the...
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company...
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $14,750 for the year. 3. Employee salaries of $22,000 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $300,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022. 5. On December 1, 2021, the company received...
Bobby company paid $24,000 on June 1, 2020, for a two-year insurance policy and recorded the...
Bobby company paid $24,000 on June 1, 2020, for a two-year insurance policy and recorded the entire amount as insurance expense. December 31, 2020, adjusting entry is
13) On April 30, 2016, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning o...
13) On April 30, 2016, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2016? A. $1,350 B. $300. C. $1,012.50. D. $337.50 E. $37.50. Question 14: 3 Points Borax began 2016 with supplies of $8.500. During the year, Borax purchased additional supplies 1or S1,100. An inventory of supplies taken on December 31, 2016 indicates...
an explanation too please :) The premium on a three-year insurance policy expiring on December 31,...
an explanation too please :)
The premium on a three-year insurance policy expiring on December 31, 20x11, was paid in total on January 1, 20x9. The original payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, 20x9. The balance in the prepaid asset account on December 31, 20x9 should be Select one: a. The same as the original payment b. The same as it would have been if the original...
On October 31, 20x4, you lend $ 1004772 to another company for one year. At October...
On October 31, 20x4, you lend $ 1004772 to another company for one year. At October 31, 20x5, you will receive the $1004772 plus 7% interest. The December 31, 20x4 adjusting entry will include a credit to: Select one: O a. Interest receivable in the amount of $11722 O b. Interest revenue in the amount of $17584 O c. Interest receivable in the amount of $17584 O d. Interest revenue in the amount of $11722
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4. The cost of the policy was debited to the Prepaid Insurance account. At Det ember 31, 20x4, the adjusting entry will include which of the following: Select one: a. A credit to prepaid insurance of $15034 b. A debit to insurance expense of $17181 c. A credit to prepaid insurance of $7517 d. A debit to insurance expense of $8591 Check
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4. The cost of the policy was debited to the Insurance Expense account 20x4, the adjusting entry will include which of the following: or follows Select one: a. A credit to prepaid insurance of $8012 b. A credit to insurance expense of $8012 © C. A debit to insurance expense of $400 d. A credit to insurance expense of Check
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
13) On April 30, 2016, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2016? A. $1,350 B. $300. C. $1,012.50. D. $337.50 E. $37.50. Question 14: 3 Points Borax began 2016 with supplies of $8.500. During the year, Borax purchased additional supplies 1or S1,100. An inventory of supplies taken on December 31, 2016 indicates...
an explanation too please :)
The premium on a three-year insurance policy expiring on December 31, 20x11, was paid in total on January 1, 20x9. The original payment was initially debited to a prepaid asset account. The appropriate journal entry has been recorded on December 31, 20x9. The balance in the prepaid asset account on December 31, 20x9 should be Select one: a. The same as the original payment b. The same as it would have been if the original...
On October 31, 20x4, you lend $ 1004772 to another company for one year. At October 31, 20x5, you will receive the $1004772 plus 7% interest. The December 31, 20x4 adjusting entry will include a credit to: Select one: O a. Interest receivable in the amount of $11722 O b. Interest revenue in the amount of $17584 O c. Interest receivable in the amount of $17584 O d. Interest revenue in the amount of $11722
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