Homework Answers
Insurance expense:
Policy 56596 (2 years or 24 months): Expense for 14 months from Nov 2019 to Dec 2020.
Policy 63978 (3 years or 36 months): Expense for 10 months from Mar 2020 to Dec 2020.
Prepaid insurance balance:
= [$6,480 - ($6,480 X 14/24)] + [$5,760 - ($5,760 X 10/36)]
= $7,400
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Question 7 5 pts The following information is available related to BT-6j Company's insurance policies: Policy...
Do question 1 only 5. For each of the following insurance policies perform the required calculations:...
Do
question 1 only
5. For each of the following insurance policies perform the required calculations: A. Calculate the value of the prepaid insurance at the year-end date shown. B. Prepare the adjusting journal entry for the year end shown. Policy a. b. Oct. 1, 20-4 Dec. 31, 20-4 Purchase date Year-end date Term of policy Premium Oct. 1, 20-4 Dec. 31, 20-5 2 years $360 Oct. 1,20 4 Oct. 31,20-4 1 year $456 1 year $360 Policy d. Mar....
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,625 balance. During 2019, the company purchased supplies for $14,971, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,190. b. An analysis of the company's insurance policies provided the following facts. Policy А B с Date...
Question 5 6 pts On May 1, 2019, ABC Company purchased a three-year insurance policy for...
Question 5 6 pts On May 1, 2019, ABC Company purchased a three-year insurance policy for $5,400. Indicate if each of the following statements is true or false by clicking in the drop down box to the right of each statement. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3.950 balance. During 2019, the company purchased supplies for $16,314, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,476. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Screen Shot 2020-09-14 at 4.13.35 PM.pngHI there i will copy and paste the details for this problem but i was hoping someone could explain to me where the 3, 12, and 6 come from when calculating the prepaid insurance.15840/24*314616/36*1213440/12*5= 12, 452I know the answer -- i just want to understand where the 3, 12, and 6 come from in this equation"here are more details:Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,200 balance. During 2019, the company purchased supplies for $13,216, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,816. b. An analysis of the company's insurance policies provided the following facts. Policy A Months of Coverage...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $2,675 balance. During 2019, the company purchased supplies for $11,048, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,354 b. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase April...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following Policy Months of Coverage Date of...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4.475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,500 balance. During 2019, the company purchased supplies for $18,585, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,960. b. An analysis of the company's insurance policies provided the following facts. Policy A B Date of...
Do
question 1 only
5. For each of the following insurance policies perform the required calculations: A. Calculate the value of the prepaid insurance at the year-end date shown. B. Prepare the adjusting journal entry for the year end shown. Policy a. b. Oct. 1, 20-4 Dec. 31, 20-4 Purchase date Year-end date Term of policy Premium Oct. 1, 20-4 Dec. 31, 20-5 2 years $360 Oct. 1,20 4 Oct. 31,20-4 1 year $456 1 year $360 Policy d. Mar....
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,625 balance. During 2019, the company purchased supplies for $14,971, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,190. b. An analysis of the company's insurance policies provided the following facts. Policy А B с Date...
Question 5 6 pts On May 1, 2019, ABC Company purchased a three-year insurance policy for $5,400. Indicate if each of the following statements is true or false by clicking in the drop down box to the right of each statement. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3.950 balance. During 2019, the company purchased supplies for $16,314, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,476. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,200 balance. During 2019, the company purchased supplies for $13,216, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,816. b. An analysis of the company's insurance policies provided the following facts. Policy A Months of Coverage...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $2,675 balance. During 2019, the company purchased supplies for $11,048, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,354 b. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase April...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following Policy Months of Coverage Date of...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4.475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage Date...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,500 balance. During 2019, the company purchased supplies for $18,585, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,960. b. An analysis of the company's insurance policies provided the following facts. Policy A B Date of...
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