Homework Answers
Prepaid insurance is the payment for insurance expense which is not expired that is it belongs to the period above the accounting period.
Expired amount should be expensed as insurance expense.
Insurance expired = prepaid insurance - unexpired balance
=$7,750-$3,250
=$4,500
Adjusting entry
| Date | General journal | Debit | Credit | |
| December 31 | Insurance expense | $4,500 | ||
| Prepaid Insurance | $4,500 | |||
| [To record an expired insurance as an expense] | ||||
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What is the proper adjusting entry at December 31, the end of the accounting period, if...
What is the proper adjusting entry at December 31, the end of the accounting period, if...
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,750 before adjustment, and the unexpired amount per analysis of policies is, $3.750? Multiple Choice Debit Insurance Expense, $3,750, credit Prepaid Insurance, $3,750. O Debit Prepaid Insurance, $5,000; credit Insurance Expense. $5,000 O Debit Insurance Expense, $5,000; credit Prepaid Insurance, $5,000. Debit Insurance Expense, $8,750; credit Prepaid Insurance, $8,750. O Debit Cash $8,750 Credit Prepaid Insurance,...
What is the proper adjusting entry at June 30, the end of the fiscal year, based...
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18540, and unexpired amounts per analysis of policies of $6000? Debit Prepaid Insurance, $12540; Credit Insurance Expense, $12540. Debit Insurance Expense, $12540; Credit Prepaid Insurance, $12540. Debit Insurance Expense, $18540; Credit Prepaid Insurance, $18540. Debit Insurance Expense, $6000; Credit Prepaid Insurance, $6000. Save for Later Attempts: 0 of 1 used Submit Answer wid ind
please show work 5. What is the proper adjusting entry at June 30, the end of...
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting...
Requirement 1. Journalize the adjusting entry needed on December
31, the end of the current accounting period, for each of the
following independent cases affecting Tiger Corporation. Include an
explanation for each entry.
Details of the Prepaid Insurance account reveal a January 1
(beginning of the year) debit balance of $2,700 and a debit to the
account on March 31 for $3,700to record the payment of an annual
insurance premium. At December 31, $2,000 is still prepaid.
(Record debits first,...
for each of the above separate cases, prepare adjusting entries required of financial statem December 31...
for each of the above separate cases, prepare adjusting entries required of financial statem December 31 View transaction list Journal entry worksheet The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 of 4 ! N
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of...
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of thes View transaction list Journal entry worksheet < 0 2 3 4 5 6 The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,330 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $11,000. b. 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 $1,510 of unexpired insurance coverage remains. c. The Office Supplies account had a $230 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...
Which of the following is the proper adjusting entry, based on a prepaid insurance account belance...
Which of the following is the proper adjusting entry, based on a prepaid insurance account belance before adjustment of $14,091 and unexpired insurance of 6,433, fr the fiscal year ending on April 30? Odebit Insurance Expense, $14,091; credit Prepaid Insurance, $14,091 Odebit Insurance Expense, $7,658; credit Prepald Insurance, $7,658 Odebit Prepaid Insurance, $7,658; credit Insurance Expense, $7,658 Odebit Prepaid Insurance, $14,091; credit Insurance Expense, $14,091 Previoust
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting...
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Irons Corporation. Include an explanation for each entry. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $3,000 and a debit to the account on March 31 for $3,300 to record the payment of an annual insurance premium. At December 31, $1,800 is still prepaid. (Record...
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting...
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Jackson Corporation. Include an explanation for each entry. 1 Cases a. De is stil th a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,600 Mar 31 3,000 Jackson prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Jackson pays employees each Friday. The...
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,750 before adjustment, and the unexpired amount per analysis of policies is, $3.750? Multiple Choice Debit Insurance Expense, $3,750, credit Prepaid Insurance, $3,750. O Debit Prepaid Insurance, $5,000; credit Insurance Expense. $5,000 O Debit Insurance Expense, $5,000; credit Prepaid Insurance, $5,000. Debit Insurance Expense, $8,750; credit Prepaid Insurance, $8,750. O Debit Cash $8,750 Credit Prepaid Insurance,...
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18540, and unexpired amounts per analysis of policies of $6000? Debit Prepaid Insurance, $12540; Credit Insurance Expense, $12540. Debit Insurance Expense, $12540; Credit Prepaid Insurance, $12540. Debit Insurance Expense, $18540; Credit Prepaid Insurance, $18540. Debit Insurance Expense, $6000; Credit Prepaid Insurance, $6000. Save for Later Attempts: 0 of 1 used Submit Answer wid ind
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
Requirement 1. Journalize the adjusting entry needed on December
31, the end of the current accounting period, for each of the
following independent cases affecting Tiger Corporation. Include an
explanation for each entry.
Details of the Prepaid Insurance account reveal a January 1
(beginning of the year) debit balance of $2,700 and a debit to the
account on March 31 for $3,700to record the payment of an annual
insurance premium. At December 31, $2,000 is still prepaid.
(Record debits first,...
for each of the above separate cases, prepare adjusting entries required of financial statem December 31 View transaction list Journal entry worksheet The Prepaid Insurance account had a $5,000 balance at the beginning of December. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal < Prev 2 of 4 ! N
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of thes View transaction list Journal entry worksheet < 0 2 3 4 5 6 The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,330 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $11,000. b. 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 $1,510 of unexpired insurance coverage remains. c. The Office Supplies account had a $230 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...
Which of the following is the proper adjusting entry, based on a prepaid insurance account belance before adjustment of $14,091 and unexpired insurance of 6,433, fr the fiscal year ending on April 30? Odebit Insurance Expense, $14,091; credit Prepaid Insurance, $14,091 Odebit Insurance Expense, $7,658; credit Prepald Insurance, $7,658 Odebit Prepaid Insurance, $7,658; credit Insurance Expense, $7,658 Odebit Prepaid Insurance, $14,091; credit Insurance Expense, $14,091 Previoust
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Irons Corporation. Include an explanation for each entry. a. Details of the Prepaid Insurance account reveal a January 1 (beginning of the year) debit balance of $3,000 and a debit to the account on March 31 for $3,300 to record the payment of an annual insurance premium. At December 31, $1,800 is still prepaid. (Record...
Requirement 1. Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Jackson Corporation. Include an explanation for each entry. 1 Cases a. De is stil th a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 1 Bal 2,600 Mar 31 3,000 Jackson prepays insurance on March 31 each year. At December 31, $800 is still prepaid. b. Jackson pays employees each Friday. The...
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