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6. On February 1, 2019 Kelly Company purchased a 1 year insurance policy for $1,200. What is the adjusting entry on Mar...
Corbin's Café received a bill from the electric company for electricity used. The bill is for...
Corbin's Café received a bill from the electric company for electricity used. The bill is for $325 and has not been paid yet. What adjusting entry would Corbin's Café make? Account Titles and Explanation Debit Credit On February 1, 2019 Kelly Company purchased a 1 year insurance policy for $1,200. What is the adjusting entry on March 31st? Account Titles and Explanation Debit Credit
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...
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,440. The correct...
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $1,440. The correct adjusting entry on December 31, 2019, is: Multiple Choice debit Insurance Expense $480; credit Prepaid Insurance $480 debit Insurance Expense $1,080; credit Prepaid Insurance $1,080 debit Prepaid Insurance $120; credit Insurance Expense $120 debit Prepaid Insurance $1,440; credit Insurance Expense $1,440
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $720. The correct...
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $720. The correct adjusting entry on December 31, 2019, is: Multiple Choice debit Insurance Expense $240; credit Prepaid Insurance $240 debit Insurance Expense $540; credit Prepaid Insurance $540 debit Prepaid Insurance $60; credit Insurance Expense $60 debit Prepaid Insurance $720; credit Insurance Expense $720
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a...
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a December 31 year and Journalize the purchase of the insurance policy. Credit accountities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1 e Textbook and Media List of Accounts Prepare the year-end adjusting entry for the...
What is the appropriate adjusting entry on March 31st for the insurance that was purchased on...
What is the appropriate adjusting entry on March 31st for the insurance that was purchased on January 29th for $1.250 and covers the period February 1st - June 30th? DR CR
Transactions 1. An insurance policy was purchased on February 28 for $1,980. The insurance policy was...
Transactions
1.
An insurance policy was purchased
on February 28 for $1,980. The insurance policy was for one year of
coverage that began on March 1, 2020.
2.
During the year, inventory costing
$136,000 was purchased, all on account.
3.
Sales to customers totalled
$200,000. Of these, $40,000 were cash sales.
4.
Payments to suppliers for inventory
that had been purchased earlier totalled $112,000.
5.
Collections from customers on
account during the year totalled $150,000.
6.
Customers paid $26,500 in...
1. A firm purchased a two-year insurance policy for $4,800 on July 1, 2019. The $4,800...
1. A firm purchased a two-year insurance policy for $4,800 on July 1, 2019. The $4,800 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a one-year period. T firm paid $14,400 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry...
1. A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. The $10,080...
1. A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. The $10,080 was debited to the Prepaid Insurance account 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $43,560 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. Prepare the adjusting entry for advertising. Note: Enter debits before...
1. A firm purchased a four-year insurance policy for $15,840 on July 1, 2019. The $15,840...
1. A firm purchased a four-year insurance policy for $15,840 on July 1, 2019. The $15,840 was debited to the Prepaid Insurance account 2 On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $47.880 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet < 1 2 Prepare...
Corbin's Café received a bill from the electric company for electricity used. The bill is for $325 and has not been paid yet. What adjusting entry would Corbin's Café make? Account Titles and Explanation Debit Credit On February 1, 2019 Kelly Company purchased a 1 year insurance policy for $1,200. What is the adjusting entry on March 31st? Account Titles and Explanation Debit Credit
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...
On September 1, 2019, Jay Walker Company purchased a one-year insurance policy for $720. The correct adjusting entry on December 31, 2019, is: Multiple Choice debit Insurance Expense $240; credit Prepaid Insurance $240 debit Insurance Expense $540; credit Prepaid Insurance $540 debit Prepaid Insurance $60; credit Insurance Expense $60 debit Prepaid Insurance $720; credit Insurance Expense $720
On July 1, 2021. Blossom Company bursa three-year insurance policy for $15,300. Blossom Company has a December 31 year and Journalize the purchase of the insurance policy. Credit accountities are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 1 e Textbook and Media List of Accounts Prepare the year-end adjusting entry for the...
What is the appropriate adjusting entry on March 31st for the insurance that was purchased on January 29th for $1.250 and covers the period February 1st - June 30th? DR CR
Transactions
1.
An insurance policy was purchased
on February 28 for $1,980. The insurance policy was for one year of
coverage that began on March 1, 2020.
2.
During the year, inventory costing
$136,000 was purchased, all on account.
3.
Sales to customers totalled
$200,000. Of these, $40,000 were cash sales.
4.
Payments to suppliers for inventory
that had been purchased earlier totalled $112,000.
5.
Collections from customers on
account during the year totalled $150,000.
6.
Customers paid $26,500 in...
1. A firm purchased a two-year insurance policy for $4,800 on July 1, 2019. The $4,800 was debited to the Prepaid Insurance account. 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a one-year period. T firm paid $14,400 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet Prepare the adjusting entry...
1. A firm purchased a four-year insurance policy for $10,080 on July 1, 2019. The $10,080 was debited to the Prepaid Insurance account 2. On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $43,560 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. Prepare the adjusting entry for advertising. Note: Enter debits before...
1. A firm purchased a four-year insurance policy for $15,840 on July 1, 2019. The $15,840 was debited to the Prepaid Insurance account 2 On December 1, 2019, a firm signed a contract with a local radio station for advertising that will extend over a three-year period The firm paid $47.880 in advance and debited the amount to Prepaid Advertising Prepare end-of-month adjusting entries for each of the above situations. View transaction list Journal entry worksheet < 1 2 Prepare...
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