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3. A 36-month insurance policy was purchased on August 1 of the current year. The entire...
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...
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account...
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right. Prepaid insurance would be credited for $3,600. Cash would be credited for $3,600. Insurance expense would be debited for $300. Insurance expense would be debited for $3,600.
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...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for $24,000. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format. 1.) Prepare the adjusting entry for HIJ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. 2.) Prepare the adjusting entry for HIJ on 12/31/21 if the original...
4. A one-year insurance policy was purchased on August 1, 20-1 for $648. A. Calculate the...
4. A one-year insurance policy was purchased on August 1, 20-1 for $648. A. Calculate the value of the prepaid insurance for this policy as of December 31, 20-1. B. Calculate the portion of the cost of this insurance policy to be charged as an expense to each of the years ended December 31, 20-1 and 20-2. Exercise 4, p. 309 Year Insurance Expense Prepaid Insurance (Dec. 31) 20-1 20-2 Total Expense $648
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...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for $24,000. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format. I 1.) Prepare the adjusting entry for HIJ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. (3 pts) 2.) Prepare the adjusting entry for HIJ on 12/31/21...
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company...
1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,840. The company debited insurance expense for the entire amount. 2. Depreciation on equipment totaled $14,750 for the year. 3. Employee salaries of $22,000 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $300,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022. 5. On December 1, 2021, the company received...
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire...
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
1. A firm purchased a three-year insurance policy for $11,520 on July 1, 2019. The $11,510...
1. A firm purchased a three-year insurance policy for
$11,520 on July 1, 2019. The $11,510 was debited to the Prepaid
Insurance account.
2. On December 1, 2019, a firm signed a contract with
local radio station for advertising that will extend over a
two-year period. The firm paid $31,680 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 the...
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...
A 12-month insurance policy was purchased on Dec. 1 for $3,600 and the Prepaid insurance account was increased for the payment. 14- Demonstrate the required adjusting journal entry on Dec. 31 by selecting from the choices below Click the answer you think is right. Prepaid insurance would be credited for $3,600. Cash would be credited for $3,600. Insurance expense would be debited for $300. Insurance expense would be debited for $3,600.
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...
4. A one-year insurance policy was purchased on August 1, 20-1 for $648. A. Calculate the value of the prepaid insurance for this policy as of December 31, 20-1. B. Calculate the portion of the cost of this insurance policy to be charged as an expense to each of the years ended December 31, 20-1 and 20-2. Exercise 4, p. 309 Year Insurance Expense Prepaid Insurance (Dec. 31) 20-1 20-2 Total Expense $648
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...
On August 1, 2021, XYZ purchased a 2 year fire insurance policy from HIJ Company for $24,000. Copy the entire question(1, 2 and 3) along with the tables below to answer in the same format. I 1.) Prepare the adjusting entry for HIJ on 12/31/21 if the original entry was recorded to a temporary account and no additional entries have been made for the year associated with this transaction. (3 pts) 2.) Prepare the adjusting entry for HIJ on 12/31/21...
On April 1, 20x4, a company paid $17573 for a three year insurance policy. The entire amount was debited to insurance expense. The December 31 adjusting entry will include a credit to: Select one: a. Prepaid insurance in the amount of $13180 b. Insurance expense in the amount of $13180 c. Insurance expense in the amount of $4393 d. Prepaid insurance in the amount of $4393 Check
1. A firm purchased a three-year insurance policy for
$11,520 on July 1, 2019. The $11,510 was debited to the Prepaid
Insurance account.
2. On December 1, 2019, a firm signed a contract with
local radio station for advertising that will extend over a
two-year period. The firm paid $31,680 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 the...
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