Homework Answers
Adjusting entry
| Date | General Journal | Debit | Credit |
| Dec 31 | Prepaid insurance (300/3*2) | 200 | |
| Insurance expense | 200 | ||
So answer is c) Debit prepaid insurance and credit insurance expense for $200
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Taylor Company prepaid three months of insurance totaling $300 on December 1 of the current year....
Smokey Company purchases a one-year insurance policy on July 1 for $13,176. The adjusting entry on...
Smokey Company purchases a one-year insurance policy on July 1 for $13,176. The adjusting entry on December 31 is Oa. debit Insurance Expense, $6,588 and credit Prepaid Insurance, $6,588 Ob. debit Insurance Expense, $13,176 and credit Prepaid Insurance, $13,176 Oc. debit Insurance Expense, $1,098 and credit Prepaid Insurance, $13,176 Od. debit Prepaid Insurance, $12,078 and credit Cash, $12,078
Mathews Company receives $1,500 on December 1 of the current year for services to be performed...
Mathews Company receives $1,500 on December 1 of the current year for services to be performed equally over the next 3 months. Assuming Mathews records deferred revenues using the alternative treatment, what would be the entry on December 1? O A. Debit Cash and credit Unearned Revenue for $1,500. B. Debit Cash and credit Unearned Revenue for $1,000. C. Debit Cash and credit Service Revenue for $500. OD. Debit Cash and credit Service Revenue for $1,500,
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $10,600 (supplies totaling...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account). Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount. Depreciation expense for equipment, $5,400. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts *To answer I need...
Hi may I have help with this please? Thank you! Calculator The balance in the prepaid...
Hi
may I have help with this please? Thank you!
Calculator The balance in the prepaid rent account before adjustment at the end of the year is $12,252, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is Oa. debit Prepaid Rent, $1,021, credit Rent Expense, $1,021 Ob. debit Rent Expense, $11,231, credit Prepaid Rent, $1,021 Oc. debit Rent Expense, $1,021, credit Prepaid Rent, $1,021 Od. debit Prepaid Rent, $11,231, credit Rent Expense,...
On January 1 of the current year, Aladdin Company paid $900 rent to cover six months...
On January 1 of the current year, Aladdin Company paid $900 rent to cover six months (January through June). Aladdin recorded this transaction as follows: Journal Entry Debit Accounts Credit Date Jan 1 Prepaid Rent 900 Cash 900 Aladdin's adjusting entry at the end of February included a debit to Rent Expense in the amount of $150. What effect does the adjusting entry have on Naddin's net income for February? O A. decrease by $300 OB. decrease by $150 O...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $10,400 (supplies totaling...
Desoto Company must make three adjusting entries on December 31,
2019.
Supplies used, $10,400 (supplies totaling $16,800 were
purchased on December 1, 2019, and debited to the Supplies
account).
Expired insurance, $7,600; on December 1, 2019, the firm paid
$45,600 for six months’ insurance coverage in advance and debited
Prepaid Insurance for this amount.
Depreciation expense for equipment, $5,200.
Required:
Prepare the journal entries for these adjustments and post the
entries to the general ledger accounts
We were unable to...
Question 17 5 pts If, on December 31, 2020, the Prepaid Insurance is $150 and insurance...
Question 17 5 pts If, on December 31, 2020, the Prepaid Insurance is $150 and insurance still unexpired amounted to $40, the adjusting entry would contain a: debit to Insurance Expense for $110. credit to Prepaid Insurance for $40. debit to Prepaid Insurance for $110. Lolo debit to Prepaid Insurance for $40.
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the...
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
Taylor Company has a December 31 year end. Adjusting journal entries are made at year end...
Taylor Company has a December 31 year end. Adjusting journal entries are made at year end (rather than monthly). Taylor Co. purchased a $1,000,000 twelve month insurance policy on August 1, 2019. Coverage begins on August 1, 2019. The annual premium is $12,000. Taylor Co. paid $1,000 on August 1 and $11,000 on September 1. Prepare the journal entries on August 1, 2019, September 1, 2019, and December 31, 2019. Debit credit Aug 1 2019 prepaid insurance 1000 Cash ...
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.
Smokey Company purchases a one-year insurance policy on July 1 for $13,176. The adjusting entry on December 31 is Oa. debit Insurance Expense, $6,588 and credit Prepaid Insurance, $6,588 Ob. debit Insurance Expense, $13,176 and credit Prepaid Insurance, $13,176 Oc. debit Insurance Expense, $1,098 and credit Prepaid Insurance, $13,176 Od. debit Prepaid Insurance, $12,078 and credit Cash, $12,078
Mathews Company receives $1,500 on December 1 of the current year for services to be performed equally over the next 3 months. Assuming Mathews records deferred revenues using the alternative treatment, what would be the entry on December 1? O A. Debit Cash and credit Unearned Revenue for $1,500. B. Debit Cash and credit Unearned Revenue for $1,000. C. Debit Cash and credit Service Revenue for $500. OD. Debit Cash and credit Service Revenue for $1,500,
Hi
may I have help with this please? Thank you!
Calculator The balance in the prepaid rent account before adjustment at the end of the year is $12,252, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is Oa. debit Prepaid Rent, $1,021, credit Rent Expense, $1,021 Ob. debit Rent Expense, $11,231, credit Prepaid Rent, $1,021 Oc. debit Rent Expense, $1,021, credit Prepaid Rent, $1,021 Od. debit Prepaid Rent, $11,231, credit Rent Expense,...
On January 1 of the current year, Aladdin Company paid $900 rent to cover six months (January through June). Aladdin recorded this transaction as follows: Journal Entry Debit Accounts Credit Date Jan 1 Prepaid Rent 900 Cash 900 Aladdin's adjusting entry at the end of February included a debit to Rent Expense in the amount of $150. What effect does the adjusting entry have on Naddin's net income for February? O A. decrease by $300 OB. decrease by $150 O...
Desoto Company must make three adjusting entries on December 31,
2019.
Supplies used, $10,400 (supplies totaling $16,800 were
purchased on December 1, 2019, and debited to the Supplies
account).
Expired insurance, $7,600; on December 1, 2019, the firm paid
$45,600 for six months’ insurance coverage in advance and debited
Prepaid Insurance for this amount.
Depreciation expense for equipment, $5,200.
Required:
Prepare the journal entries for these adjustments and post the
entries to the general ledger accounts
We were unable to...
Question 17 5 pts If, on December 31, 2020, the Prepaid Insurance is $150 and insurance still unexpired amounted to $40, the adjusting entry would contain a: debit to Insurance Expense for $110. credit to Prepaid Insurance for $40. debit to Prepaid Insurance for $110. Lolo debit to Prepaid Insurance for $40.
VULELE Tate Company paid $12,000 for a one-year insurance policy on February 1, 2019 and the insurance coverage began on February 1. Assuming the company made the most appropriate journal entry to record the insurance on February 1 and that no other adjusting entries have been made, the December 31, 2020 adjusting entry is debit Insurance Expense and credit Prepaid Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit Insurance Expense for $11,000. debit Prepaid Insurance Expense and credit...
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.
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