Bobby company paid $24,000 on June 1, 2020, for a two-year insurance policy and recorded the...
Bobby company paid $24,000 on June 1, 2020, for a two-year insurance policy and recorded the entire amount as insurance expense. December 31, 2020, adjusting entry is
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Bobby company paid $24,000 on June 1, 2020, for a two-year
insurance policy and recorded the...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded...
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire...
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
On April 1, 20x4, a company paid $19385 for a three year insurance policy. The entire...
On April 1, 20x4, a company paid $19385 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Insurance expense in the amount of $4846 o b. Insurance expense in the amount of $14539 c. Prepaid insurance in the amount of $4846 O d. Prepaid insurance in the amount of $14539
llamy They last paid $6,000 for their insurance bill on June 1, 2020. The insurance coverage...
llamy They last paid $6,000 for their insurance bill on June 1, 2020. The insurance coverage runs from July 1, 2020 to June 30, 2021. f Trampoline City has a December 31, 2020 year-end, the adjusting journal entry at year-end would include which of the following: debit to Insurance Expense for $3,000 debit to Insurance Expense for $3,500 credit to Insurance Expense for $3,000 credit to Insurance Expense for $3,500 None of the above.
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...
2) The following transactions occurred during 2020, for the Miller Company. A. A two-year fire insurance...
2) The following transactions occurred during 2020, for the Miller Company. A. A two-year fire insurance policy was purchased on July 1. 2020, for $20,000. The company debited prepaid insurance for the entire amount B. On October 1, 2020, the company lent $120.000 to another company. A note was signed with principal and 10% interest to be paid on June 30, 2021. C. On November 1, 2020, the company borrowed $400,000 from a bank. The note requires principal and interest...
A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December...
A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31 Accounts Payable Cash Insurance Expense Insurance Payable Prepaid Insurance
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020,...
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying cash of $7,680. Its year-end is December 31. a. Record the journal entry on April 1, 2020. a. How many months are between April 1, 2020 and December 31, 2020? Record the adjusting entry on December 31, 2020, a. How many months are between January 1, 2021 and December 31, 20121 Record the adjusting entry on December 31, 2021. d. How many months...
On 10/1/21, XYZ paid KLM 12,000 for a one year fire insurance policy. 1.)If XYZ recorded...
On 10/1/21, XYZ paid KLM 12,000 for a one year fire insurance policy. 1.)If XYZ recorded the purchase of insurance to a permanent account, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 1 2.) If XYZ recorded the purchase of insurance to a temporary account, the adjusting entry on 12/31/21 is: "Dr pre payss if the company fails to make an adjusting entry, the impact on...
On June 1, 2019, a firm purchased a 1-year insurance policy for $7,500 and paid the...
On June 1, 2019, a firm purchased a 1-year insurance policy for $7,500 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is $4,375. $5,000. $7,500. $2,500.
QUESTION 6 Bieber Company paid $3,408 on June 1.2019 for a TWO-YEAR Insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 21 2019 adjusting entry is: A. Debit Insurance Expense and credit Prepaid insurance 5094, B. Debit Insurance Expense and credit Prepaid Insurance $2,414, C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit Prepaid Insurance and credit Insurance Expense $2,414,
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
On April 1, 20x4, a company paid $19385 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Insurance expense in the amount of $4846 o b. Insurance expense in the amount of $14539 c. Prepaid insurance in the amount of $4846 O d. Prepaid insurance in the amount of $14539
llamy They last paid $6,000 for their insurance bill on June 1, 2020. The insurance coverage runs from July 1, 2020 to June 30, 2021. f Trampoline City has a December 31, 2020 year-end, the adjusting journal entry at year-end would include which of the following: debit to Insurance Expense for $3,000 debit to Insurance Expense for $3,500 credit to Insurance Expense for $3,000 credit to Insurance Expense for $3,500 None of the above.
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...
2) The following transactions occurred during 2020, for the Miller Company. A. A two-year fire insurance policy was purchased on July 1. 2020, for $20,000. The company debited prepaid insurance for the entire amount B. On October 1, 2020, the company lent $120.000 to another company. A note was signed with principal and 10% interest to be paid on June 30, 2021. C. On November 1, 2020, the company borrowed $400,000 from a bank. The note requires principal and interest...
A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be: (If an amount box does not require an entry, leave it blank.) Dec. 31 Accounts Payable Cash Insurance Expense Insurance Payable Prepaid Insurance
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying cash of $7,680. Its year-end is December 31. a. Record the journal entry on April 1, 2020. a. How many months are between April 1, 2020 and December 31, 2020? Record the adjusting entry on December 31, 2020, a. How many months are between January 1, 2021 and December 31, 20121 Record the adjusting entry on December 31, 2021. d. How many months...
On 10/1/21, XYZ paid KLM 12,000 for a one year fire insurance policy. 1.)If XYZ recorded the purchase of insurance to a permanent account, the adjusting entry on 12/31/21 is: if the company fails to make an adjusting entry, the impact on the accounting equation is: 1 2.) If XYZ recorded the purchase of insurance to a temporary account, the adjusting entry on 12/31/21 is: "Dr pre payss if the company fails to make an adjusting entry, the impact on...
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