Homework Answers
| Adjusting Entries | ||||||
| S.no. | Accounts title and explanation | Debit $ | Credit $ | |||
| a. | Insurance expenses | 8800 | ||||
| Prepaid insurance (4600+5100-900) | 8800 | |||||
| (for insurance expired for the period) | ||||||
| b. | Insurance expenses | 8800 | ||||
| Prepaid insurance | 8800 | |||||
| (for insurance expired for the period) | ||||||
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The prepaid insurance account had a balance of $3,000 at the beginning of the year. The...
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...
eBook Calculator Show Me How Video Adjustment for Prepaid Insurance The prepaid insurance account had a...
eBook Calculator Show Me How Video Adjustment for Prepaid Insurance The prepaid insurance account had a balance of $9,600 at the beginning of the year. The account was increased for $28,800 for premiums on policies purchased during the year. What is the adjustment required at the end of the year for each of the following independent situations? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. For (a) and (b),...
Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $5,860 and was...
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...
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 beginning balance of $4,030 and was debited for $2,180 of...
The prepaid insurance account had a beginning balance of $4,030 and was debited for $2,180 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 $2,550. If an amount box does not require an entry, leave it blank.
The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000
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...
Chapter 3 HW 1 BE 010 ALGO 2. EXOS 11 ALGO EXTERGO Adjusting Entries for Prepaid...
Chapter 3 HW 1 BE 010 ALGO 2. EXOS 11 ALGO EXTERGO Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $9,960. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: BALOO a. The amount of insurance expired during the year is $7,570. If an amount box does not require an entry, leave it blank. b. The amount of...
Statement of Stockholders' Equity Shaded cells have feedback Instructions Financial Information related to Organic Products Company...
Statement of Stockholders' Equity Shaded cells have feedback Instructions Financial Information related to Organic Products Company for the month ended June 30, 2099, is as follows: $112.000 21,000 2 Net income for June Dividends paid in June Common stock, June 1, 2019 Common stock issued in June Retained earnings, June 1, 2019 150.000 50,000 1,590,000 Required: a Prepare a statement of stockholders' equity for the month ended June 30, 2019. Refer to the list of Labels and Amount Descriptions for...
Part 1: Part 2: Part 3: Part 4:Part 5: Determining Wages Paid The wages payable and...
Part 1:
Part 2:
Part 3:
Part 4:Part 5:
Determining Wages Paid The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Wages Payable Wages Expense Bal. 4,680 Bal. 138,250 Determine the amount of wages paid during the month. Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is...
please answer boxes 11 eBook Show Me How Calculator Adjusting Entries for Prepaid and Accrued Taxes...
please answer boxes
11 eBook Show Me How Calculator Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $4,560 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the current calendar year of $20,075. a. Journalize the two adjusting entries...
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...
eBook Calculator Show Me How Video Adjustment for Prepaid Insurance The prepaid insurance account had a balance of $9,600 at the beginning of the year. The account was increased for $28,800 for premiums on policies purchased during the year. What is the adjustment required at the end of the year for each of the following independent situations? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. For (a) and (b),...
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
Chapter 3 HW 1 BE 010 ALGO 2. EXOS 11 ALGO EXTERGO Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $9,960. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: BALOO a. The amount of insurance expired during the year is $7,570. If an amount box does not require an entry, leave it blank. b. The amount of...
Statement of Stockholders' Equity Shaded cells have feedback Instructions Financial Information related to Organic Products Company for the month ended June 30, 2099, is as follows: $112.000 21,000 2 Net income for June Dividends paid in June Common stock, June 1, 2019 Common stock issued in June Retained earnings, June 1, 2019 150.000 50,000 1,590,000 Required: a Prepare a statement of stockholders' equity for the month ended June 30, 2019. Refer to the list of Labels and Amount Descriptions for...
Part 1:
Part 2:
Part 3:
Part 4:Part 5:
Determining Wages Paid The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Wages Payable Wages Expense Bal. 4,680 Bal. 138,250 Determine the amount of wages paid during the month. Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is...
please answer boxes
11 eBook Show Me How Calculator Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $4,560 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the current calendar year of $20,075. a. Journalize the two adjusting entries...
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