The balance in the prepaid insurance account, before adjustment at the end of the year, is $6,175.
Question:
(a) The amount of insurance expired during the year is $4,180;
(b) The amount of unexpired insurance applicable to future periods is $1,995.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
a Insurance Expense 4180 Prepaid ...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
The balance in the supplies account, before adjustment at the end of the year, is $2,975. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $614.
-
The balance in the unearned fees account, before adjustment at the end of the year, is $316,290. Journalize the adjusting entry (include an explanation) required if the amount of unearned fees at the...
-
The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining...
-
Should U.S. national forests become privatized (sold to private owners)? Why or why not?
-
Obtain The Coca Cola Company's 2010 annual report either using the ''Investor Relations'' portion of its website (do a web search for Coca Cola investor relations) or go to www.sec.gov and click...
-
It is possible to increase process capacity by balancing a process. True or false? a. True b. False
-
Compute the expected frequencies. Exercises 49 refer to the following data: Electric motors are assembled on four different production lines. Random samples of motors are taken from each line and...
-
Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missingamounts. BULLDOG, INC. Income Statement BULLDOG, INC. Statement of Stockholders' Equity Common Retained...
-
The City of Bernard starts the year of 2024 with the following unrestricted amounts in its general fund: cash of $28,500 and investments of $70,500. In addition, it holds a small building bought on...
-
Meyer Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The company's annual accounting period ends on December 31, 2011. The following...
-
At December 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated,...
-
The prepaid insurance account had a balance of $3,600 at the beginning of the year. The account was debited for $4,800 for premiums on policies purchased during the year. Journalize the adjusting...
-
For each op-amp in Figure P14.50, the input bias current is \(I_{B}=500 \mathrm{nA}\) at \(T=25^{\circ} \mathrm{C}\), the input offset current is \(I_{O S}=200 \mathrm{nA}\) at \(T=25^{\circ}...
-
As a student of business, you may know well that companies use many sophisticated models and techniques (for example, SWOT Analysis) to gain a competitive edge on the market. How can we use those...
-
An experiment was recently carried out where a child, an astrologer and a financial analyst were each given 10,000 to invest for eight years. Who do you think achieved the best results?
-
What are the best 3 financial ratios to analysis an airlines financialstatement and why
-
Discuss the impact of microbiologically influenced corrosion (MIC) on industrial systems, including the role of bacteria and biofilms in accelerating corrosion processes and the strategies employed...
-
How is Sierra Club Foundation and Environmental Defense Fund different and similar from each other? Compare their programs, mission, staff, board and financial statements to arrive at a conclusion....
-
A certain \(R L C\) series load has a load impedance of \(Z=1000-j 998 \Omega\) when excited by a \(1-\mathrm{krad} / \mathrm{s}\) source and a \(Z=1000-j 80 \Omega\) when driven by a...
-
Suppose a population of bacteria doubles every hour, but that 1.0 x 106 individuals are removed before reproduction to be converted into valuable biological by-products. Suppose the population begins...
-
If the height of the triangle in Figure 4.10a is 1, prove that the distances x A , x B , and x C must sum to 1. Write an expression for the total area of triangle ABC in terms of constituent...
-
Abbe Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had...
-
Paragon Tech Company, a communications equipment manufacturer, recently fell victim to a fraud scheme developed by one of its employees. To understand the scheme, it is necessary to review Paragon...
-
The following data were accumulated for use in reconciling the bank account of Allenby Co. for August: 1. Cash balance according to the company's records at August 31, $31,080. 2. Cash balance...
-
3. The destruction of all microorganisms and their endospores is referred to as a. disinfection. b. degermination. c. sanitization. d. sterilization. 4. The process by which the numbers of microbes...
-
14. Autoclaving will usually destroy/inactivate all fungi, bacteria, viruses, and most bacterial spores but will not necessarily eliminate a. neurotoxins. b. prions. c. protozoan cysts. d....
-
11. The time in minutes in which 90% of the bacterial population will be killed at a given temperature is called the a. generation time. b. thermal death time. c. sterilization time. d. decimal...
Study smarter with the SolutionInn App