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What is the adjusting entry when prepaid insurance expires? Select one: a. debit insurance expense and...
What is the adjusting entry when prepaid insurance expires? Select one: a. debit insurance expense and credit prepaid insurance b. debit prepaid insurance and credit insurance expense c. debit prepaid insurance and credit cash d. debit cash and credit insurance expense
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year....
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
debit Insurance Expense JILLE debit Insurance Expense $400 and credit Prepare debit Insurance Payable S500 and...
debit Insurance Expense JILLE debit Insurance Expense $400 and credit Prepare debit Insurance Payable S500 and credit Insurance Expense $500 debit Insurance Expense S500 and credit Prepaid Insurance $500 d Part IV. Journal Entries (10 points) von Morfin, a CPA who loves sports, has decided to open his own business called Morfin's cons services. For the given business transaction, please analyze and provide the proper joumal entry re co cach transaction. (Note: All entries are from Morfin's Consulting Services' perspective!...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
Debit Credit Building Cash Office Supplies Fumiture Prepaid Insurance Accumulated Depreciation Furniture Land Accumulated Depreciation Building...
Debit Credit Building Cash Office Supplies Fumiture Prepaid Insurance Accumulated Depreciation Furniture Land Accumulated Depreciation Building Accounts Receivable $140,000 6,000 900 6,000 $3,000 33,000 4,500 2,200 he insurance has been prepaid until June 30, 2019. Determine the amount of total current assets reported on the balance sheet at December 31, 2018 O A. $14,200 ов. s6900 OC. $9,550 O D. $7,350
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.
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit...
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Multiple Choice Debit insurance expense $18,900, credit prepaid insurance $18,900. Debit prepaid insurance $18,900, credit cash $18,900. Debit prepaid insurance $18,900, credit insurance expense $18,900. Debit cash $18,900, credit prepaid insurance $18,900.
14HINWIR (Part 1) Credit Cash Supplies Prepaid Insurance Debit $ 2,573 2.600 1,800 15,073 67,600 16,800...
14HINWIR (Part 1) Credit Cash Supplies Prepaid Insurance Debit $ 2,573 2.600 1,800 15,073 67,600 16,800 Land Buildings Equipment Accounts Payable $4.773 Unearned Rent Revenue Mortgage Payable 3,300 33,600 60,073 9,000 Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense 3,000 800 Advertising Expense 500 $110.746 $110,746 Other data: 1. Insurance expires at the rate of $450 per month 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. (a) Annual depreciation is $3,840 on...
Make a balance sheet Credit Debit $5,000 500 4,000 20.000 Account Title Cash Prepaid insurance Notes...
Make a balance sheet
Credit Debit $5,000 500 4,000 20.000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals $12.000 2,500 3,000 10,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
debit Insurance Expense JILLE debit Insurance Expense $400 and credit Prepare debit Insurance Payable S500 and credit Insurance Expense $500 debit Insurance Expense S500 and credit Prepaid Insurance $500 d Part IV. Journal Entries (10 points) von Morfin, a CPA who loves sports, has decided to open his own business called Morfin's cons services. For the given business transaction, please analyze and provide the proper joumal entry re co cach transaction. (Note: All entries are from Morfin's Consulting Services' perspective!...
b. Prepaid Insurance. The Prepaid Insurance account has a $6,690 debit balance at the start of the year. A review of insurance policies shows $1,360 of insurance has expired by year-end. Prepaid Insurance Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. c. Prepaid Rent. On September 1 of the current year, the company...
Debit Credit Building Cash Office Supplies Fumiture Prepaid Insurance Accumulated Depreciation Furniture Land Accumulated Depreciation Building Accounts Receivable $140,000 6,000 900 6,000 $3,000 33,000 4,500 2,200 he insurance has been prepaid until June 30, 2019. Determine the amount of total current assets reported on the balance sheet at December 31, 2018 O A. $14,200 ов. s6900 OC. $9,550 O D. $7,350
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.
Assume that $18,900 cash is paid for insurance to cover the next year. The appropriate debit and credit are: Multiple Choice Debit insurance expense $18,900, credit prepaid insurance $18,900. Debit prepaid insurance $18,900, credit cash $18,900. Debit prepaid insurance $18,900, credit insurance expense $18,900. Debit cash $18,900, credit prepaid insurance $18,900.
14HINWIR (Part 1) Credit Cash Supplies Prepaid Insurance Debit $ 2,573 2.600 1,800 15,073 67,600 16,800 Land Buildings Equipment Accounts Payable $4.773 Unearned Rent Revenue Mortgage Payable 3,300 33,600 60,073 9,000 Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense 3,000 800 Advertising Expense 500 $110.746 $110,746 Other data: 1. Insurance expires at the rate of $450 per month 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. (a) Annual depreciation is $3,840 on...
Make a balance sheet
Credit Debit $5,000 500 4,000 20.000 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years) H. Sierra, Capital H. Sierra, Withdrawals Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals $12.000 2,500 3,000 10,500 1,000 9,500 3,500 2,000 1,500 $37,500 $37,500
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