On March 1, 2014, Big North Insurance received $4,800 cash from Eire Co. for a one-year insurance
Question:
On March 1, 2014, Big North Insurance received $4,800 cash from Eire Co. for a one-year insurance policy. Big North Insurance has an October 31 fiscal year end and adjusts accounts annually. Complete the following for Big North Insurance.
(a) Prepare the March 1, 2014, journal entry.
(b) Calculate the amount of revenue earned during 2014 and the amount unearned at October 31, 2014.
(c) Prepare the adjusting entry required on October 31, 2014.
(d) Using T accounts, post the entries for (a) and (c) above and indicate the adjusted balance in each account.
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a Mar 1 Cash 4800 Unearned Revenue 4800 b 4800 12 400 ...View the full answer
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Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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