tacoma park prepaid a two full years’ insurance on October 1 of the current year, $6,000....
Homework Answers
| Date | General Journal | Debit | Credit |
| December 31 | Insurance expense($6,000 × 3/24) | $750 | |
| Prepaid Insurance | $750 |
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tacoma
park prepaid a two full years’ insurance on October 1 of the
current year, $6,000....
A two-year insurance policy for $5,280 was purchased on November 1 of the current year. Record...
A two-year insurance policy for $5,280 was purchased on November 1 of the current year. Record the transaction for the two months ended December 31 Adjustment Type: Insurance Expense Prepaid Insurance
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year....
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
4.What amount should be report on the current year’s balance sheet for prepaid insurance?
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 learned the following.a. 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 in October 1.b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the...
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...
1,280 Prepaid insurance 1,280 c. Prepaid Rent. On September 1 of the current year, the company...
1,280 Prepaid insurance 1,280 c. Prepaid Rent. On September 1 of the current year, the company prepaid $31,200 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $31.200. Prepaid Rent Step 1. Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2
3 .What amount should be report on the current year’s income statement for insurance expense?
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 learned the following.a. 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 in October 1.b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the...
a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal. 1,200...
a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal. 1,200 Mar 31 3,500 Jackson prepays insurance on March 31 each year. At December 31, $875 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Monday. C. Jackson has a note receivable. During the current year, the company has earned accrued interest revenue of $510 that...
E3-23 (similar to) Question Help Consider the following situations for Takoma Park Welding Services: (Click the...
E3-23 (similar to) Question Help Consider the following situations for Takoma Park Welding Services: (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Depreciation for the current year includes Equipment, $2,500. 0 More Info Date Accounts and Explanation Debit Credit (a) Dec. 31 a. Depreciation...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
3. What amount should be reported on the current year's income statement for Insurance Expense?
E4-5 (Static) Recording Adjusting Entries and Reporting Balances in Financial Statements LO4-1, 4-2A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following:a. A two-year insurance premium of $4,800 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1 .b. At December 31 of the...
A two-year insurance policy for $5,280 was purchased on November 1 of the current year. Record the transaction for the two months ended December 31 Adjustment Type: Insurance Expense Prepaid Insurance
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
1,280 Prepaid insurance 1,280 c. Prepaid Rent. On September 1 of the current year, the company prepaid $31,200 for two years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $31.200. Prepaid Rent Step 1. Determine what the current account balance equals. Step 2: Determine what the current account balance should equal Step 3: Record the December 31, adjusting entry to get from step 1 to step 2
a. Details of Prepaid Insurance are shown in the account: Prepaid Insurance Jan 1 Bal. 1,200 Mar 31 3,500 Jackson prepays insurance on March 31 each year. At December 31, $875 is still prepaid. b. Jackson pays employees each Friday. The amount of the weekly payroll is $6,000 for a five-day work week. The current accounting period ends on Monday. C. Jackson has a note receivable. During the current year, the company has earned accrued interest revenue of $510 that...
E3-23 (similar to) Question Help Consider the following situations for Takoma Park Welding Services: (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Depreciation for the current year includes Equipment, $2,500. 0 More Info Date Accounts and Explanation Debit Credit (a) Dec. 31 a. Depreciation...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
E4-5 (Static) Recording Adjusting Entries and Reporting Balances in Financial Statements LO4-1, 4-2A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following:a. A two-year insurance premium of $4,800 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1 .b. At December 31 of the...
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