The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,420. The year end is March 31.
Journalize the March 31 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 $15,780; (b) the amount of unexpired insurance applicable to future periods is $2,640. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS |
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|
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General Ledger |
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|
|
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ASSETS |
11 |
Cash |
12 |
Accounts Receivable |
13 |
Supplies |
14 |
Prepaid Insurance |
15 |
Land |
16 |
Equipment |
17 |
Accumulated Depreciation-Equipment |
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LIABILITIES |
21 |
Accounts Payable |
22 |
Unearned Fees |
23 |
Salaries Payable |
24 |
Taxes Payable |
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EQUITY |
31 |
Common Stock |
32 |
Retained Earnings |
33 |
Dividend |
a) Journalize the March 31 adjusting entry required when the amount of insurance expired during the year is $15,780. Refer to the Chart of Accounts for exact wording of account titles.
Date Descriptions Pos. Ref. Deposit Credit 1. Adjusting Entries
2.
3.
b) Journalize the March 31 adjusting entry required when the amount of unexpired insurance applicable to future periods is $2,640. Refer to the Chart of Accounts for exact wording of account titles.
Date Descriptions Pos. Ref. Deposit Credit 1. Adjusting Entries
2.
3.
The balance in the prepaid insurance account, before adjustment at the end of the year, is...
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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. Refer to the Chart of Accounts for exact wording of account titles.Journal Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unexpired insurance related to future periods is $13,000....
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The balance in the unnamed fees account before adjustment at the end of the year, is $33,195. Journalize the adjusting entry required the amount of unearned fees at the end of the year is $14,000. Refer to the Chart of Accounts for exact wording of account titles,
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