Adjusting Entries for Prepaid Insurance
The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:
a. The amount of insurance expired during the year is $20,250. If an amount box does not require an entry, leave it blank.
b. The amount of unexpired insurance applicable to future periods is $6,750. If an amount box does not require an entry, leave it blank,
Adjusting Entries for Unearned and Accrued Fees
The balance in the unearned fees account, before adjustment at the end of the year, is $97,770 of these fees, $39,750 have been earned. In addition, $24,650 of fees have been earned but have not been billed.
a. Journalize the adjusting entry to adjust the unearned fees account. It an amount box does not require an entry, leave it blank.
b. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.
Journal Entries | |||
1 | |||
Debit | Credit | ||
a) | Insurance Expenses | 20,250 | |
Prepaid Insurance | 20,250 | ||
( To record amount of insurance expired ) | |||
b) | Insurance Expenses | 20,250 | |
Prepaid Insurance | 20,250 | ||
( 27,000 - 6,750 ) | |||
Journal Entries | |||
2 | |||
Debit | Credit | ||
a) | Unearned Fees | 39,750 | |
Fees Earned | 39,750 | ||
( Adjustment of unearned fees ) | |||
b) | Accounts Receivable | 24,650 | |
Fees Earned | 24,650 | ||
( To Record Accrued Fees ) | |||
The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000
Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $5,860 and was debited for $3,050 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $2,320. If an amount box does not require an entry, leave it blank.
Adjustment for Prepaid Expense The prepaid Insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $13,000. If an amour box does not require an entry, leave it blank. Insurance Expense
The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of unexpired insurance applicable to future periods is $4,800. If an amount box does not require an entry, leave it blank. Insurance Expense Prepaid Insurance ✓ b. The amount of...
The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of uneared fees at the end of the year is $3,600. If an amount box does not require an entry, leave it blank.
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $20,150. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $15,310. b. The amount of unexpired insurance applicable to future periods is $4,840.
Instructions The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600. The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. The year end is March 31. Journalize the March 31 adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of...
EX 3-6 Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $14,800. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $11,200; (b) the amount of unexpired insurance applicable to future periods is $3,600
Adjustment for Accrued Revenues At the end of the current year, $17,555 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.
Adjustment for Accrued Revenues At the end of the current year, $14,780 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.
Adjustment for Accrued Revenues At the end of the current year, $14,780 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank.