Question

13) On April 30, 2016, a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2016? A. $1,350 B. $300. C. $1,012.50. D. $337.50 E. $37.50. Question 14: 3 Points Borax began 2016 with supplies of $8.500. During the year, Borax purchased additional supplies 1or S1,100. An inventory of supplies taken on December 31, 2016 indicates that $3,000 of supplies is on hand. What adjusting entry should Borax make on December 31, 2016? Credit Debit Accounts Question 15: 3 Points On January 1, 2018, Hardy purchased equipment for $48,000. Annual depreciation on the equipment is estimated to be $8,000. The adjusting entry to record depreciation would be: Credit Debit Accounts Question 16: 3 Points Nike has a weekly payroll of $3,750 which is paid on Fridays. Assuming a five-day work week and December 31 falls on Wednesday, what adjusting entry should Nike make? Credit Debit Асcounts

Answer 1

Questions Journal Entry Question Particulars Debit in $ Credit in $ 14 Supplies Expense a/c Dr. 6600 To Supplies 6600 (Supplies Expensed) 8500 + 1100 - 3000 15 8000 Depreciation Expense a/c Dr. To Accum. Depre-Equip. (To record Depreciation) 8000 16 2250 Salary and Wages Expense a/c Dr. To Salary and Wages Payable (Salary accrued) 3750 x 3/5 2250 13.Insurance Expense = Prepaid Insurance x 8 months / 36 months = 1350 x 8/36 = 300