Homework Answers
| Answer: c. Debit Insurance Expense $665 and credit Prepaid Insurance $665 |
| Explanation: |
| Insurance expense per month = $7,982/12 = $665 |
| $665 of balance transfer from prepaid insurance to insurance expense |
Add Answer to:
Knight Company began operations on July 1, 20x5 and prepares monthly financial statements. It has the...
Knight Company began operations on July 1.20x5 and prepares monthly financial statements. It has the following...
Knight Company began operations on July 1.20x5 and prepares monthly financial statements. It has the following partial unadjusted trial balance at July 31, 20x5: Debit Credit Prepaid Insurance $5786 Unearned Service Revenue $2.900 The balance in the prepaid insurance account relates to a 1-year insurance policy, effective July 1, 20x5. Which of the following would be the correct adjusting journal entry at July 31, 20x5 with respect to this insurance policy? Select one: a. Debit Prepaid Insurance $482 and Credit...
multiple-choice questions Financial Accounting for Business about ( Accrual Accounting) 6)On February 1, 20x1 the Abdoll...
multiple-choice questions Financial Accounting for Business about ( Accrual Accounting) 6)On February 1, 20x1 the Abdoll business paid Fraser $13481 cash to complete a renovation on their property starting in May 20x1 and ending August 31, 20x1. Both parties agreed to the work being completed in equal parts over the summer. Fraser’s year-end is June 30, 20x1. Assuming the initial entry made on February 1, 20x1 by Fraser was a credit of $13481 to revenue, the following adjusting entry is...
Assignment 1 Salman Company prepares monthly financial statements. Below are listed some selected accounts and their...
Assignment 1 Salman Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. SALMAN COMPANY Trial Balance (Selected Accounts) September 30, 2020 ——————————————————————————————————————————— Debit Credit Supplies................................................................................................... $ 3,200 Prepaid Insurance................................................................................... 3,600 Equipment............................................................................................... 16,200 Accumulated Depreciation—Equipment................................................. $1,000 Unearned Rent Revenue......................................................................... 1,200 (Note: Debit column does not equal credit column because this is a partial...
3. Kidman Company prepares monthly financial statements. Below are listed some selected accounts and their balances...
3. Kidman Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. (10 MIN / 10 Points) KIDMAN COMPANY Trial Balance (Selected Accounts) September 30, 2020 Debit Credit Supplies $3,200 Prepaid Insurance. 3,600 Equipment.... 16,200 Accumulated Depreciation-Equipment $1,000 Unearned Sales Revenue. 1,200 (Note: Debit column does not equal credit column because this is a partial listing of selected account...
Chapter 3 - Instruction #1 The unadjusted trial balance for PS Music as of July 31,...
Chapter 3 - Instruction #1 The unadjusted trial balance for PS Music as of July 31, 2019 is as follows: PS Music Unadjusted Trial Balance July 31, 2019 Account No. Debit Balances Credit Balances Cash 11 9,945 Accounts Receivable 12 2,750 Supplies 14 1,020 Prepaid Insurance 15 2,700 Office Equipment 17 7,500 Accounts Payable 21 8,350 Unearned Revenue 23 7,200 Peyton Smith, Capital 31 9,000 Peyton Smith, Drawing 33 1,750 Fees Earned 41 16,200 Wages Expense 50 2,800 Office Rent...
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet:  
X Company prepares monthly financial statements. The following is the company's July 1 Balance Sheet: Balance Sheet July 1 Assets Equities Cash $35,468 Accounts Payable $5,422 Accounts Receivable 5,138 Notes Payable 20,732 Inventory 10,785 Prepayments 3,667 Paid-In Capital 60,177 Equipment 68,219 Retained Earnings 36,946 Total Assets $123,277 Total Equities $123,277 The following were the company's July transactions: borrowed $30,000 from a bank bought equipment costing $10,000, paying the manufacturer $5,200 in cash and signing a note for $4,800 purchased a...
Chapter 3 - Instruction #1 The unadjusted trial balance for PS Music as of July 31,...
Chapter 3 - Instruction #1 The unadjusted trial balance for PS Music as of July 31, 2019 is as follows: PS Music Unadjusted Trial Balance July 31, 2019 Account No. Debit Balances Credit Balances Cash 119 12 ,945 2,750 Accounts Receivable Supplies Prepaid Insurance 1,020 15 2,700 Office Equipment 17 7,500 Accounts Payable Unearned Revenue 23 8,350 7,200 9,000 Peyton Smith, Capital Peyton Smith, Drawing 1,750 Fees Earned 41 16,200 Wages Expense 2,800 51 2,550 Office Rent Expense Equipment Rent...
Wang Supply prepares monthly financial statements. Listed below are some selected accounts and their balances at...
Wang Supply prepares monthly financial statements. Listed below are some selected accounts and their balances at June 30. Adjustments generally are done monthly, but no adjustments have been made for the month of June, 2017. Wang has a May 31 year end. Wang Supply Unadjusted Trial Balance (partial) June 30, 2017 Debit Credit Prepaid Insurance $ 2,940 Supplies 520 Vehicles 32,000 Accumulated Depreciation - Vehicles $ 9,360 Notes Payable 22,400 Unearned Revenue 1,500 Rent Revenue 142,000 An analysis of the...
Kidman Company prepares monthly financial statements. Below are listed some selected accounts and their balances in...
Kidman Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. KIDMAN COMPANY Partial Trial Balance September 30, 2020 Debit Credit Supplies...................................................................................... $ 3,200 Prepaid Insurance.................................................................... 4,200 Equipment.................................................................................. 16,200 Accumulated Depreciation—Equipment............................... $1,000 Salaries & Wages Payable...................................................... -0- An analysis of the account balances by the company’s accountant provided the following additional information:...
The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in...
The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $39,900 79,850 Accounts Receivable Cash Common Stock Dividends 156,400 43,000 Fees Earned Insurance Expense 665,400 12,650 182,300 Land Miscellaneous Expense Notes Payable 18,650 87,000 6,000 126,400 Prepaid Insurance Rent Expense Retained Earnings 29,900 4,000 Supplies Supplies Expense Unearned Rent 16,650 19,300 Utilities Expense...
Knight Company began operations on July 1.20x5 and prepares monthly financial statements. It has the following partial unadjusted trial balance at July 31, 20x5: Debit Credit Prepaid Insurance $5786 Unearned Service Revenue $2.900 The balance in the prepaid insurance account relates to a 1-year insurance policy, effective July 1, 20x5. Which of the following would be the correct adjusting journal entry at July 31, 20x5 with respect to this insurance policy? Select one: a. Debit Prepaid Insurance $482 and Credit...
3. Kidman Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. (10 MIN / 10 Points) KIDMAN COMPANY Trial Balance (Selected Accounts) September 30, 2020 Debit Credit Supplies $3,200 Prepaid Insurance. 3,600 Equipment.... 16,200 Accumulated Depreciation-Equipment $1,000 Unearned Sales Revenue. 1,200 (Note: Debit column does not equal credit column because this is a partial listing of selected account...
Chapter 3 - Instruction #1 The unadjusted trial balance for PS Music as of July 31, 2019 is as follows: PS Music Unadjusted Trial Balance July 31, 2019 Account No. Debit Balances Credit Balances Cash 119 12 ,945 2,750 Accounts Receivable Supplies Prepaid Insurance 1,020 15 2,700 Office Equipment 17 7,500 Accounts Payable Unearned Revenue 23 8,350 7,200 9,000 Peyton Smith, Capital Peyton Smith, Drawing 1,750 Fees Earned 41 16,200 Wages Expense 2,800 51 2,550 Office Rent Expense Equipment Rent...
The accounts in the ledger of Atlantic Furniture Company as of July 2018 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $39,900 79,850 Accounts Receivable Cash Common Stock Dividends 156,400 43,000 Fees Earned Insurance Expense 665,400 12,650 182,300 Land Miscellaneous Expense Notes Payable 18,650 87,000 6,000 126,400 Prepaid Insurance Rent Expense Retained Earnings 29,900 4,000 Supplies Supplies Expense Unearned Rent 16,650 19,300 Utilities Expense...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 41 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago