Homework Answers
| Insurance expense = 150-40 = $110 |
| The adjusting entry would contain a debit to Insurance expense for $110 |
| Option A is correct |
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Question 17 5 pts If, on December 31, 2020, the Prepaid Insurance is $150 and insurance...
$270 470 74 Ayayai Corp. Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies...
$270 470 74 Ayayai Corp. Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense 162 3600 $540 346 1080 1260 2700 900 450 $5926 $5926 If, on December 31, 2022, the insurance still unexpired amounted to $18, the adjusting entry would contain a: debit to Prepaid Insurance for $56. debit to Insurance Expense for $56. debit to Prepaid Insurance for...
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid...
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid Insurance $50 Supplies $150 Equipment $400 Accumulated depreciation $200 Accounts Payable $300 Common Stock $600 Service Revenue $500 Wages Expense $100 Rent Expense $200 If the inventory of supplies is $20, the adjusting entry would contain a Debit to Supplies for $20. Credit to Supplies for $20. Debit to Supplies Expense for $130. Credit to Supplies Expense for $130. QUESTION 13 If the insurance...
Taylor Company prepaid three months of insurance totaling $300 on December 1 of the current year....
Taylor Company prepaid three months of insurance totaling $300 on December 1 of the current year. Assuming Taylor records deferred expenses using the alternative treatment, what would be the adjusting entry on December 31? O A. Debit Cash and credit Insurance Expense for $100 OB. Debit Insurance Expense and credit Prepaid Insurance for $200. OC. Debit Prepaid Insurance and credit Insurance Expense for $200. OD. Debit Insurance Expense and credit Cash for $100
this Question: 3 pts 13 of 22 19 complete) Tumbler, Inc. bought a 3-year insurance policy...
this Question: 3 pts 13 of 22 19 complete) Tumbler, Inc. bought a 3-year insurance policy on August 1 for $3,900. Assume no other adjusting entries have been done this fiscal year. The adjusting entry on December 31 would be: O A debit Prepaid Insurance, 5108 credit Insurance Expense, $108. OB. debit Insurance Expense, S542; credit Prepaid Insurance $542 O C. debit Prepaid Insurance, 5542 credit Insurance Expense,5542 OD. debit Insurance Expense, $108; credit Prepaid Insurance, $108.
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,920 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,920 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
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,...
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...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31, 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
The trial balance for McGoo Company appears as follows: McGoo Company Trial Balance December 31, 2020...
The trial balance for McGoo Company appears as follows: McGoo Company Trial Balance December 31, 2020 Cash $ 300 Accounts Receivable 522 Prepaid Insurance 82 Supplies 180 Equipment 4,000 Accumulated Depreciation - Equipment $ 600 Accounts Payable 384 Common Stock 1,200 Retained Earnings 1,400 Service Revenue 3,000 Salaries and Wages Expense 1,000 Rent Expense 500 $6,584 $6,584 If, on December 31, 2020 supplies on hand were $50, the adjusting entry would contain a Group of answer choices A)debit to Supplies...
The unadjusted trial balance of Big Construction company on December 31, 2020, contained the attached accounts...
The unadjusted trial balance of Big Construction company on December 31, 2020, contained the attached accounts at the end of the company's calendar year. Inventory taken on 12/31/2020 was $42,000 Depreciation on equipment was $9,000 Unpaid accrued salaries were $2,800 Unexpired rent amounted to $2,500 Supplies on hand were $1,800 Accrued Sales revenue on 12/31/2020 was $3,400 Expired Insurance amounted to $2,000 Interest on the company's notes receivable at year-end amounted to $400 Unearned rent revenue earned at year-end amounted...
$270 470 74 Ayayai Corp. Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense 162 3600 $540 346 1080 1260 2700 900 450 $5926 $5926 If, on December 31, 2022, the insurance still unexpired amounted to $18, the adjusting entry would contain a: debit to Prepaid Insurance for $56. debit to Insurance Expense for $56. debit to Prepaid Insurance for...
Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid Insurance $50 Supplies $150 Equipment $400 Accumulated depreciation $200 Accounts Payable $300 Common Stock $600 Service Revenue $500 Wages Expense $100 Rent Expense $200 If the inventory of supplies is $20, the adjusting entry would contain a Debit to Supplies for $20. Credit to Supplies for $20. Debit to Supplies Expense for $130. Credit to Supplies Expense for $130. QUESTION 13 If the insurance...
Taylor Company prepaid three months of insurance totaling $300 on December 1 of the current year. Assuming Taylor records deferred expenses using the alternative treatment, what would be the adjusting entry on December 31? O A. Debit Cash and credit Insurance Expense for $100 OB. Debit Insurance Expense and credit Prepaid Insurance for $200. OC. Debit Prepaid Insurance and credit Insurance Expense for $200. OD. Debit Insurance Expense and credit Cash for $100
this Question: 3 pts 13 of 22 19 complete) Tumbler, Inc. bought a 3-year insurance policy on August 1 for $3,900. Assume no other adjusting entries have been done this fiscal year. The adjusting entry on December 31 would be: O A debit Prepaid Insurance, 5108 credit Insurance Expense, $108. OB. debit Insurance Expense, S542; credit Prepaid Insurance $542 O C. debit Prepaid Insurance, 5542 credit Insurance Expense,5542 OD. debit Insurance Expense, $108; credit Prepaid Insurance, $108.
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $7,920 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
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,...
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...
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $9,120 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 1. Prepare the adjusting journal entry on December 31, 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare...
The unadjusted trial balance of Big Construction company on December 31, 2020, contained the attached accounts at the end of the company's calendar year. Inventory taken on 12/31/2020 was $42,000 Depreciation on equipment was $9,000 Unpaid accrued salaries were $2,800 Unexpired rent amounted to $2,500 Supplies on hand were $1,800 Accrued Sales revenue on 12/31/2020 was $3,400 Expired Insurance amounted to $2,000 Interest on the company's notes receivable at year-end amounted to $400 Unearned rent revenue earned at year-end amounted...
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