Homework Answers
Insurance expense a/c Dr. $12,540
To prepaid insurance a/c $12,540
The unexpired or prepaid amounts at the end of the year will be $6,000. The balance before adjustment will be $18,540.
To arrive at the amount which is not prepaid, deduct current year's prepaid amount from the available balance.
That is, $18,540 - $6,000 = $12,540
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What is the proper adjusting entry at June 30, the end of the fiscal year, based...
please show work 5. What is the proper adjusting entry at June 30, the end of...
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
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,...
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 $7750 before adjustment and the unexpired amount per analysis of policies is $3.250?
Which of the following is the proper adjusting entry, based on a prepaid insurance account belance...
Which of the following is the proper adjusting entry, based on a prepaid insurance account belance before adjustment of $14,091 and unexpired insurance of 6,433, fr the fiscal year ending on April 30? Odebit Insurance Expense, $14,091; credit Prepaid Insurance, $14,091 Odebit Insurance Expense, $7,658; credit Prepald Insurance, $7,658 Odebit Prepaid Insurance, $7,658; credit Insurance Expense, $7,658 Odebit Prepaid Insurance, $14,091; credit Insurance Expense, $14,091 Previoust
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies...
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
+ Update Apple ID Settings Some countries will not be View x CengageNoW2 Online teacl x...
+ Update Apple ID Settings Some countries will not be View x CengageNoW2 Online teacl x Q Chapter 3 Practice Flashcards x angenow.com/m akeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator Sinprogressefalse ocumen G oogle Image Res Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $10,000 and unexpired insurance of 53.000, the fiscal year ending on April 302 Ca debit Insurance Expense, 53,000; credit Prepaid Insurance, $3,000 C. debit Insurance Expense, 114,000 credit Prepaid Insurance,...
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of...
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of thes View transaction list Journal entry worksheet < 0 2 3 4 5 6 The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,330 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $11,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,510 of unexpired insurance coverage remains. c. The Office Supplies account had a $230 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...
On June 30, the end of the current fiscal year, the following information is available to...
On June 30, the end of the current fiscal year, the following
information is available to SCP Company's Accountants for making
adjusting entries:
REQUIRED PREPARE THE ADJUSTING ENTRIES FOR EACH ITEM
LISTED ABOVE
On June 30, the end of the current fiscal year, the following information is available to SCP Company's accountants for making adjusting entries: a. Among liabilities of the company is a mortgage payable in the amount of €240.000. On June 30, the accrued interest on this mortgage...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
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,...
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $7750 before adjustment and the unexpired amount per analysis of policies is $3.250?
Which of the following is the proper adjusting entry, based on a prepaid insurance account belance before adjustment of $14,091 and unexpired insurance of 6,433, fr the fiscal year ending on April 30? Odebit Insurance Expense, $14,091; credit Prepaid Insurance, $14,091 Odebit Insurance Expense, $7,658; credit Prepald Insurance, $7,658 Odebit Prepaid Insurance, $7,658; credit Insurance Expense, $7,658 Odebit Prepaid Insurance, $14,091; credit Insurance Expense, $14,091 Previoust
1 J , 13 Secunos, Question Completion Status: 10000 20000 5000 37000 Cash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 Prepare a statement of Retained Earnings to get the ending retained earnings. Don't forget you have to do an income statement before you can do the statement of retained earnings. Negative ($8000) $14,000 $7000 None of the above...
+ Update Apple ID Settings Some countries will not be View x CengageNoW2 Online teacl x Q Chapter 3 Practice Flashcards x angenow.com/m akeAssignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator Sinprogressefalse ocumen G oogle Image Res Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $10,000 and unexpired insurance of 53.000, the fiscal year ending on April 302 Ca debit Insurance Expense, 53,000; credit Prepaid Insurance, $3,000 C. debit Insurance Expense, 114,000 credit Prepaid Insurance,...
Saved pare adjusting journal entries for the year ended (date of) December 31 for each of thes View transaction list Journal entry worksheet < 0 2 3 4 5 6 The Prepaid Insurance account had a $6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,330 of unexpired insurance coverage remains. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $11,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,510 of unexpired insurance coverage remains. c. The Office Supplies account had a $230 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...
On June 30, the end of the current fiscal year, the following
information is available to SCP Company's Accountants for making
adjusting entries:
REQUIRED PREPARE THE ADJUSTING ENTRIES FOR EACH ITEM
LISTED ABOVE
On June 30, the end of the current fiscal year, the following information is available to SCP Company's accountants for making adjusting entries: a. Among liabilities of the company is a mortgage payable in the amount of €240.000. On June 30, the accrued interest on this mortgage...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
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