Homework Answers
Answer
In Entry B above, Insurance expense account should be debited instead of Cash account.
Hence correct entry B should be as below
Dr. Insurance expense 720
Cr. Prepaid Insurance 720
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Miro Inc. purchased a 1 year insurance policy for $4.320 on November 1.2015 with coverage starting...
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 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with...
Question #1 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
16) On January 1, a business purchased a five-year insurance policy for $2,500 with coverage starting...
16) On January 1, a business purchased a five-year insurance policy for $2,500 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end. Draw the T-account for Prepaid Insurance to show the this adjustment. 17) Grayson Inc. leased a portion of its store to another company for 10 months beginning on July 1, at a monthly rate of $700. Grayson collected the entire $7,000 cash on July 1...
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,...
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $720. The correct...
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $720. The correct adjusting entry on December 31, 2019, is: Multiple Choice debit Insurance Expense $240; credit Prepaid Insurance $240 debit Insurance Expense $540; credit Prepaid Insurance $540 debit Prepaid Insurance $60; credit Insurance Expense $60 debit Prepaid Insurance $720; credit Insurance Expense $720
. 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 April 1, 2016, the premium on a one-year insurance policy was purchased for $2,400 cash...
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?
Purchased a two-year building insurance policy on November 1st for $365,000 cash. [Adjusting Entry Required]
Purchased a two-year building insurance policy on November 1st for $365,000 cash. [Adjusting Entry Required]
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 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 Binder Inc. purchased a 1 year Insurance policy for $2,400 on November 1,2015 with coverage starting on that date. A) What entry is made on 11/115 Cr B) What adjusting entry is to be made on 12/31/15 Cr C) What is the balance in the prepaid insurance after the adjusting entry is made? ubmit Question 0 of S Attempts Used acBookA 0 Question #2 Clay Inc. rents office space to another business for $1,500 per month. On October...
16) On January 1, a business purchased a five-year insurance policy for $2,500 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end. Draw the T-account for Prepaid Insurance to show the this adjustment. 17) Grayson Inc. leased a portion of its store to another company for 10 months beginning on July 1, at a monthly rate of $700. Grayson collected the entire $7,000 cash on July 1...
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $720. The correct adjusting entry on December 31, 2019, is: Multiple Choice debit Insurance Expense $240; credit Prepaid Insurance $240 debit Insurance Expense $540; credit Prepaid Insurance $540 debit Prepaid Insurance $60; credit Insurance Expense $60 debit Prepaid Insurance $720; credit Insurance Expense $720
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?
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