Homework Answers
Answer : Option A : An asset account
Explanation : Insurance paid for 2years is an Prepaid Insurance (Just like advance payment) ,hence Prepaid insurance is an Current asset and hence it is debited to asset account to the extent of Next year amount ($8000/2 = $4000) & balance is recognised in the current year.
Add Answer to:
Silverstone Incorporated purchases a two-year insurance policy for $8000 cash. Silverstone debits Select one: a. An...
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O...
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O b. debits accounts payable and credits cash O c. debits accounts payable and debits cash O d. none of the above
Yellowstone Incorporated paid salaries of $5000. The debit entry is to Select one: O a. Retained...
Yellowstone Incorporated paid salaries of $5000. The debit entry is to Select one: O a. Retained earnings O b. Cash O c. Accounts payable d. Accounts Receivable e. None of the above
Blueline Incorporated had $10,000 in credit sales. The credit entry is to Select one: O a....
Blueline Incorporated had $10,000 in credit sales. The credit entry is to Select one: O a. Retained earnings O b. Accounts payable O C. Accounts Receivable O d. Cash O e. None of the above
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account...
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account b. Asset account O C. Expense account O d. None of the above e Liability account
a. Paid $6,400 cash in advance on April 1 for a one-year insurance policy. b. Received...
a. Paid $6,400 cash in advance on April 1 for a one-year insurance policy. b. Received a $14,700 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. C. Purchased $1,800 of supplies on account. At year's end, $140 of supplies remained on hand. d. Pald $5,400 cash in advance on March 1 for a one-year lease on office space. Event Adjustment The Accounting Equation Total Assets Cash Other Liabilities...
National Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1....
National Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should National Insurance Company report as a current liability for Unearned Insurance Revenue at December 31? Select one: a. $5,000. O b. $0. O c. $15,000. O d. $10,000
National Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1....
National Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should National Insurance Company report as a current liability for Unearned Insurance Revenue at December 31? Select one: a. $5,000. O b. $0. O c. $15,000. O d. $10,000
ware Question 19 Left-hand entries increase, Not yet answered Points out of 1.00 P Flag question...
ware Question 19 Left-hand entries increase, Not yet answered Points out of 1.00 P Flag question Select one: O a. A. asset accounts b. B. liability accounts C. C. owners' equity accounts d. D. both B and C e. E. none of the above Previous page N PREVIOUS ACTIVITY Appendix - Exercise
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4....
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4. The cost of the policy was debited to the Insurance Expense account 20x4, the adjusting entry will include which of the following: or follows Select one: a. A credit to prepaid insurance of $8012 b. A credit to insurance expense of $8012 © C. A debit to insurance expense of $400 d. A credit to insurance expense of Check
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4....
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4. The cost of the policy was debited to the Prepaid Insurance account. At Det ember 31, 20x4, the adjusting entry will include which of the following: Select one: a. A credit to prepaid insurance of $15034 b. A debit to insurance expense of $17181 c. A credit to prepaid insurance of $7517 d. A debit to insurance expense of $8591 Check
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O b. debits accounts payable and credits cash O c. debits accounts payable and debits cash O d. none of the above
Yellowstone Incorporated paid salaries of $5000. The debit entry is to Select one: O a. Retained earnings O b. Cash O c. Accounts payable d. Accounts Receivable e. None of the above
Blueline Incorporated had $10,000 in credit sales. The credit entry is to Select one: O a. Retained earnings O b. Accounts payable O C. Accounts Receivable O d. Cash O e. None of the above
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account b. Asset account O C. Expense account O d. None of the above e Liability account
a. Paid $6,400 cash in advance on April 1 for a one-year insurance policy. b. Received a $14,700 cash advance for a contract to provide services in the future. The contract required a one-year commitment, starting September 1. C. Purchased $1,800 of supplies on account. At year's end, $140 of supplies remained on hand. d. Pald $5,400 cash in advance on March 1 for a one-year lease on office space. Event Adjustment The Accounting Equation Total Assets Cash Other Liabilities...
National Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should National Insurance Company report as a current liability for Unearned Insurance Revenue at December 31? Select one: a. $5,000. O b. $0. O c. $15,000. O d. $10,000
National Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should National Insurance Company report as a current liability for Unearned Insurance Revenue at December 31? Select one: a. $5,000. O b. $0. O c. $15,000. O d. $10,000
ware Question 19 Left-hand entries increase, Not yet answered Points out of 1.00 P Flag question Select one: O a. A. asset accounts b. B. liability accounts C. C. owners' equity accounts d. D. both B and C e. E. none of the above Previous page N PREVIOUS ACTIVITY Appendix - Exercise
A company takes out a two year fire insurance policy costing $12018 on May 1, 20x4. The cost of the policy was debited to the Insurance Expense account 20x4, the adjusting entry will include which of the following: or follows Select one: a. A credit to prepaid insurance of $8012 b. A credit to insurance expense of $8012 © C. A debit to insurance expense of $400 d. A credit to insurance expense of Check
A company takes out a two year fire insurance policy costing $25772 on May 1, 20x4. The cost of the policy was debited to the Prepaid Insurance account. At Det ember 31, 20x4, the adjusting entry will include which of the following: Select one: a. A credit to prepaid insurance of $15034 b. A debit to insurance expense of $17181 c. A credit to prepaid insurance of $7517 d. A debit to insurance expense of $8591 Check
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 41 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago