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A two-year insurance policy for $5,280 was purchased on November 1 of the current year. Record...
A two year insurance policy for $1,320 was purchased on November 1 of the current year....
A two year insurance policy for $1,320 was purchased on November
1 of the current year. Record the transaction for the year ended
December 31.
1. Record the adjusting entry for insurance at December 31 of the current year.
A+T Williamson Company is making adjustment entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant, the followinga. A two-year insurance premium of $4800 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance n October 1.b. At December 31 of the current year, the following data relating to Shopping Supplies were obtained from the records...
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
. Bland Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2003, and...
. Bland Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2003, and charged the $4,200 premium to Insurance expense. At its December 31, 2003, year-end, Bland Foods would record which of the following adjusting entries? A)Insurance expense 875 Prepaid insurance 875 B) Prepaid insurance 875 Insurance expense 875 C) Insurance expense 875 Prepaid insurance 3,325 Insurance payable 4,200 D)Prepaid insurance 3,325 Insurance expense 3,325
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and...
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2021, and charged the $3,000 premium to Insurance expense. At its December 31, 2021, year-end, Yummy Foods Multiple Choice Prepaid insurance 2,375 Insurance expense 2,375 Prepaid insurance 625 Insurance expense 625 Insurance expense 625 Prepaid insurance 625 Insurance expense 625 Prepaid insurance 2,375 Insurance payable 3,000 would record which of the following adjusting entries?
Helpppp......I think I am doing this so wrong. Fill in the t-accounts for each situation and...
Helpppp......I think I am doing this so wrong.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Employees earned $2,900 in salaries that wll be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,700 Adjustment Type Accrual Salaries Expense Salaries Payable Dec. 31 2,900 8600 Dec. 31 Dec. 31 2,900 2,900...
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020,...
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying cash of $7,680. Its year-end is December 31. a. Record the journal entry on April 1, 2020. a. How many months are between April 1, 2020 and December 31, 2020? Record the adjusting entry on December 31, 2020, a. How many months are between January 1, 2021 and December 31, 20121 Record the adjusting entry on December 31, 2021. d. How many months...
On November 1, George prepaid for one year of insurance for $1,200. Record the following journal...
On November 1, George prepaid for one year of insurance for $1,200. Record the following journal entries. Accounts used Cash, Prepaid Insurance, Insurance Expense. The prepayment on November 1. journal entry Accounts Debit Credit The adjustment for used insurance at December 31 (2 months). journal entry The adjustment for used insurance at December 31 (2 months). journal entry Accounts Debit Credit On October 1, Sponge Bob, Inc. received $240 up front from a customer for a yearly magazine subscription. Magazines...
tacoma park prepaid a two full years’ insurance on October 1 of the current year, $6,000....
tacoma park prepaid a two full years’ insurance on October 1 of the current year, $6,000. Record insurance expense for the year ended December 31.
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjustments only once a year, on December 31 Required: 1. Compute the monthly cost of the insurance policy $3,00 per month Consider the number of months covered by the annual premium 2. Identify and analyze the transaction to record the purchase of the policy on Apr Activity Operating Accounts Prepaid Thurance Increase, Cash Decrease...
A two year insurance policy for $1,320 was purchased on November
1 of the current year. Record the transaction for the year ended
December 31.
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
Helpppp......I think I am doing this so wrong.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Employees earned $2,900 in salaries that wll be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,700 Adjustment Type Accrual Salaries Expense Salaries Payable Dec. 31 2,900 8600 Dec. 31 Dec. 31 2,900 2,900...
Kiss the Chef Co., a cooking school, purchased a two-year insurance policy on April 1, 2020, paying cash of $7,680. Its year-end is December 31. a. Record the journal entry on April 1, 2020. a. How many months are between April 1, 2020 and December 31, 2020? Record the adjusting entry on December 31, 2020, a. How many months are between January 1, 2021 and December 31, 20121 Record the adjusting entry on December 31, 2021. d. How many months...
On November 1, George prepaid for one year of insurance for $1,200. Record the following journal entries. Accounts used Cash, Prepaid Insurance, Insurance Expense. The prepayment on November 1. journal entry Accounts Debit Credit The adjustment for used insurance at December 31 (2 months). journal entry The adjustment for used insurance at December 31 (2 months). journal entry Accounts Debit Credit On October 1, Sponge Bob, Inc. received $240 up front from a customer for a yearly magazine subscription. Magazines...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjustments only once a year, on December 31 Required: 1. Compute the monthly cost of the insurance policy $3,00 per month Consider the number of months covered by the annual premium 2. Identify and analyze the transaction to record the purchase of the policy on Apr Activity Operating Accounts Prepaid Thurance Increase, Cash Decrease...
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