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Tummy Foods purchased a two-year fire and extended coverage insurance...
. Bland Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2003, and...
. Bland Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2003, and charged the $4,200 premium to Insurance expense. At its December 31, 2003, year-end, Bland Foods would record which of the following adjusting entries? A)Insurance expense 875 Prepaid insurance 875 B) Prepaid insurance 875 Insurance expense 875 C) Insurance expense 875 Prepaid insurance 3,325 Insurance payable 4,200 D)Prepaid insurance 3,325 Insurance expense 3,325
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and...
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $3,000 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods Multiple Choice Prepaid insurance 2,375 Insurance expense 2,375 Prepaid insurance 625 Insurance expense 625 Insurance expense 625 Prepaid insurance 625 Insurance expense 625 Prepaid insurance 2,375 Insurance payable 3,000 would record which of the following adjusting entries?
On August 1, 2019, a firm purchased a 1-year insurance policy for $5,700 and paid the...
On August 1, 2019, a firm purchased a 1-year insurance policy for $5,700 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is Multiple Choice $1,900. $5,700. $3,325. $2,375.
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...
On June 1, 2019, a firm purchased a 1-year insurance policy for $5,700 and paid the...
On June 1, 2019, a firm purchased a 1-year insurance policy for $5,700 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is Multiple Choice $3,325. $1,900. $5,700. $3,800.
On August 1, 2021, ABC purchased a 2 year fire insurance policy from DEF Company for...
On August 1, 2021, ABC purchased a 2 year fire insurance policy from DEF Company for $24,000. 1) Prepare the adjusting entry for DEF on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. 2) Prepare the adjusting entry for DEF on 12/31/21 if the original entry was recorded to a permanent account and no additional entries have been made for the year associated...
please answer with solution ! Simba Inc. purchased a two year fire insurance policy for $7,200...
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?
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for $24,000. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format. 1.) Prepare the adjusting entry for HIJ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. 2.) Prepare the adjusting entry for HIJ on 12/31/21 if the original...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for $24,000. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format. I 1.) Prepare the adjusting entry for HIJ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. (3 pts) 2.) Prepare the adjusting entry for HIJ on 12/31/21...
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 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...
On June 1, 2019, a firm purchased a 1-year insurance policy for $5,700 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is Multiple Choice $3,325. $1,900. $5,700. $3,800.
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?
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for $24,000. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format. I 1.) Prepare the adjusting entry for HIJ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. (3 pts) 2.) Prepare the adjusting entry for HIJ on 12/31/21...
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...
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