Homework Answers
(1)
When the cash is paid for insurance in advance, journal entry:
prepaid insurance dr xxx
to cash xxx
(2)
at the end of the year, the adjusting entry for current year’s insurance expenses,
insurance expenses dr xxx
to prepaid insurance xxx
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Question 20 When cash is paid in the current year for insurance coverage in the following...
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately....
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Debit Cash for $4,200 and Credit Prepaid insurance for $4,200 Debit Prepaid insurance for $350 and Credit Insurance expense for $350 Debit Insurance expense for $350 and Credit Prepaid insurance for $350 Debit Cash for $8,400 and Credit Prepaid insurance for $8,400 Debit Insurance expense for...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin on July 1st Account Name Debit Credit A. Prepaid Insurance 900 Cash 900 B. Insurance Expense 900 Cash 900 C. Insurance Expense 1,800 Cash 1,800 D. Prepaid Insurance 1,800 1,800 Cash Record the required adjusting entry on September 30th for the insurance in transaction Q47. Since the purchase of the insurance on June 15th, there have not been any adjusting entries made related to...
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit...
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Multiple Choice Debit insurance expense $18,900, credit prepaid insurance $18,900. Debit prepaid insurance $18,900, credit cash $18,900. Debit prepaid insurance $18,900, credit insurance expense $18,900. Debit cash $18,900, credit prepaid insurance $18,900.
llamy They last paid $6,000 for their insurance bill on June 1, 2020. The insurance coverage...
llamy They last paid $6,000 for their insurance bill on June 1, 2020. The insurance coverage runs from July 1, 2020 to June 30, 2021. f Trampoline City has a December 31, 2020 year-end, the adjusting journal entry at year-end would include which of the following: debit to Insurance Expense for $3,000 debit to Insurance Expense for $3,500 credit to Insurance Expense for $3,000 credit to Insurance Expense for $3,500 None of the above.
On January 1 a company purchased a five-year insurance policy for $2,300 with coverage starting immediately....
On January 1 a company purchased a five-year insurance policy for $2,300 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: A.)Debit Insurance Expense, $460; credit Prepaid Insurance, $1,840. B.)Debit Prepaid Insurance, $460; credit Insurance Expense, $460. C.)Debit Prepaid Insurance, $1,840; credit Insurance Expense, $1,840. D.)Debit Insurance Expense, $460; credit Prepaid Insurance, $460. E.)Debit Prepaid Insurance,...
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...
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...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on that date. The payment was recorded with a debit in that amount to the Insurance Expense account. Print Complete the necessary adjusting entry by selecting the account names from the pull-down menus and entering dollar amounts in th debit and credit columns
1. Record the adjusting entry for insurance at December 31 of the current year.
A+T Williamson Company is making adjustment entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant, the followinga. A two-year insurance premium of $4800 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance n October 1.b. At December 31 of the current year, the following data relating to Shopping Supplies were obtained from the records...
On January 1, Fey Properties paid $12,600 for a three-year insurance premium, with coverage beginning immediately. Fey Company prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? Debit Cash for $4,200 and Credit Prepaid insurance for $4,200 Debit Prepaid insurance for $350 and Credit Insurance expense for $350 Debit Insurance expense for $350 and Credit Prepaid insurance for $350 Debit Cash for $8,400 and Credit Prepaid insurance for $8,400 Debit Insurance expense for...
On June 15th, paid $1,800 for six months of insurance coverage. The insurance coverage will begin on July 1st Account Name Debit Credit A. Prepaid Insurance 900 Cash 900 B. Insurance Expense 900 Cash 900 C. Insurance Expense 1,800 Cash 1,800 D. Prepaid Insurance 1,800 1,800 Cash Record the required adjusting entry on September 30th for the insurance in transaction Q47. Since the purchase of the insurance on June 15th, there have not been any adjusting entries made related to...
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Multiple Choice Debit insurance expense $18,900, credit prepaid insurance $18,900. Debit prepaid insurance $18,900, credit cash $18,900. Debit prepaid insurance $18,900, credit insurance expense $18,900. Debit cash $18,900, credit prepaid insurance $18,900.
llamy They last paid $6,000 for their insurance bill on June 1, 2020. The insurance coverage runs from July 1, 2020 to June 30, 2021. f Trampoline City has a December 31, 2020 year-end, the adjusting journal entry at year-end would include which of the following: debit to Insurance Expense for $3,000 debit to Insurance Expense for $3,500 credit to Insurance Expense for $3,000 credit to Insurance Expense for $3,500 None of the above.
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...
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...
Question 1 16 pts A company often pays insurance that will provide the company insurance coverage for 6 months or longer. When the company pays for the insurance, the account that is debited is called a prepaid expense. This is an asset, not an expense. Why? It is the same as cash It will benefit the company in future periods, and therefore has not been used up It has been used up and should be an expense Question 2 17...
Book On December 1, the company paid $12,000 for 12 months of Insurance coverage beginning on that date. The payment was recorded with a debit in that amount to the Insurance Expense account. Print Complete the necessary adjusting entry by selecting the account names from the pull-down menus and entering dollar amounts in th debit and credit columns
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