Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with...
smail ibrahim Question #1 Mr. Hatfield starts Clay Corporation by contributing $2,000 cash and a truck worth $3,800 to the company in exchange for common stock. A) What is the İourna entry to record this transaction? Cr B)What effect does this entry have on the accounting equation? AssetsLiabilitiesEquity D- B- Submit Questi 0 of s Attempts Used MacBookA Question #2 Salo Inc. purchases $10,500 of equipment by paying cash. A) What is the journal entry to record this transaction? 5...
Miro Inc. purchased a 1 year insurance policy for $4.320 on November 1.2015 with coverage starting on that date. A) What entry is made on 11/1/15? Dr Prepaid Insurance Cr Cash 4320 4320 B) What adjusting entry is to be made on 12/31/152 720 repaid Insurance C) What is the balance in the prepaid insurance after the adjusting entry is made? 3600 4 of5 Attempts Used
Student Center | ismail ibrahim (.Lo Question #3 tagle Inc. has supplies on hand of $2.300 on January 1, 2014. During the year, the company purchases $1,900 of supplies. At the end of the year, there are $200 of supplies on hand. A) What is the amount of supplies that were used up during the year? b) What adjusting journal entry does Eagle inc. need to make at December 31, 2014 to record the amount of supplies used up? Cr...
On April 1, 2016, the premium on a one-year insurance policy was purchased for $2,400 cash with the insurance coverage beginning on that date. The books are adjusted only at year-end. Which of the following correctly describes the effect on the financial statements of the December 31, 2016 adjusting entry?
please answer with solution ! Simba Inc. purchased a two year fire insurance policy for $7,200 on July 1, 2014 effective immediately and credited Cash and debited Insurance Expense for the full amount on July 1, 2014. The Prepaid Insurance had a balance of $6,000 on January 1, 2014 for a previous policy that expired on June 30, 2014. What is the adjusting entry, if any, that is required on December 31, 2014?
Question #1 Indicate from the drop down menu which financial statement each of the following accounts would appear on. Equipment Rent Expense Cash Accounts Receivable Supplies Notes Payable Common Stock Accounts Payable Prepaid Rent Dividends Revenue Submit Question 0 of 5 Attempts Used MacBook Ai Question #2 Indicate from the drop down menu whether each of the following accounts would have a debit or credit normal balance. Accounts Payable Common Stock Equipment Prepaid Rent Salary Expense Retained Earnings Supplies Revenue...
Question #1 Mr. Jones starts Mercer Inc. by contributing $1,800 cash and a truck worth $3,900 to the company in exchange for common stock. A) What is the journal entry to record this transaction? Dr Cr B)What effect does this entry have on the accounting equation? Assets Liabilities Equity
Calculator A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31
A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31 Accounts Payable Cash Insurance Expense Insurance Payable Prepaid Insurance
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...