Homework Answers
1) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Insurance expense | 11200 | |
| Prepaid insurance | 11200 | ||
| (To record insurance expense) |
2) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Insurance expense (14800-3600) | 11200 | |
| Prepaid insurance | 11200 | ||
| (To record insurance expense) |
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EX 3-6 Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at t...
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the...
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $20,150. 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 $15,310. b. The amount of unexpired insurance applicable to future periods is $4,840.
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the...
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The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,755. The year and is March 31.
The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,755. The year and is March 31. Joumate 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 $14.715; (b) the amount of unexpired insurance applicable to future periods is $4,040. Refer to the Chart of Accounts for exact wording of account titles.
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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...
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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...
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The...
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year ending on March 31 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 $8,500, (b) the amount of insurance expired during the year is $22.500 Refer to the Chart of Accounts...
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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.
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $20,150. 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 $15,310. b. The amount of unexpired insurance applicable to future periods is $4,840.
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, Is $16,400 uired under each of the following alternatives for determining the amount of the adjustment a. The amount of insurance expired during the year is $12,460. b. The amount of unexpired insurance applicable to future periods is $3,940
The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,755. The year and is March 31. Joumate 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 $14.715; (b) the amount of unexpired insurance applicable to future periods is $4,040. Refer to the Chart of Accounts for exact wording of account titles.
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...
Determining Fixed Asset's Book Value The balance in the equipment account is $3,150,000, and the balance in the accumulated deprecation-equipment account is $2,075,000. 2. What is the book value of the equipment? b. Does the balance in the accumulated depreciation account mean that the equipment's loss of value is $2,075,000? , because depreciation is an allocation of the of the equipment to the periods benefiting from its use. Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account,...
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...
The prepaid insurance account had a balance of $7.000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year ending on March 31 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 $8,500, (b) the amount of insurance expired during the year is $22.500 Refer to the Chart of Accounts...
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.
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