FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 What is the adjusting entry required for Prepaid Insurance on 31st December 2018 for the following situation?Business purchased an insurance policy of OMR 900

image text in transcribed
2 What is the adjusting entry required for Prepaid Insurance on 31st December 2018 for the following situation?Business purchased an insurance policy of OMR 900 for full one year on Ist December 2018 t of a. None of these b. Debit Insurance Expenses OMR 300 Credit Prepaid Insurance OMR 300 c. Debit Insurance Expenses OMR 75 Credit Prepaid Insurance OMR 75 d. Debit Insurance Expenses OMR 600 Credit Prepaid Insurance OMR 600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting IFRS Edition

Intermediate Accounting IFRS Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

2nd Edition

1118443969, 978-1118443965

More Books

Students also viewed these Accounting questions

Question

★★★★★
A local company has just approached a venture capitalist for financing to develop a ski hill. On April 1, 2017, the venture capitalist lent the company $1 million at an interest rate of 5%. The loan...

Answered: 1 week ago

Question

★★★★★
A four-year promissory note for $3800 plus interest at 1.5% compounded semiannually was sold 18 months before maturity for $4000. What quarterly compounded nominal rate of return will the buyer...

Answered: 1 week ago

Question

★★★★★
What language or languages are spoken in your home?

Answered: 1 week ago

Question

★★★★★
Jurgensen Manufacturing, Inc., plans to develop a new industrial-powered vacuum sweeper for household use that runs exclusively on rechargeable batteries. The product will take 6 months to design and...

Answered: 1 week ago

Question

★★★★★
Prior period adjustment ( net of income tax benefit ) . . . . . . . . . . . . . . . . . . . . . $ ( 1 6 0 , 0 0 0 ) Issuance of common stock: 1 0 , 0 0 0 shares of $ 1 0 par value capital stock at $...

Answered: 1 week ago

Question

★★★★★
Consolidated amounts when affiliates debt is acquired from non-affiliate Assume that a Parent company owns 75 percent of its Subsidiary. On January 1, 2016, the Parent company had a $100,000 (face) 8...

Answered: 1 week ago

Question

★★★★★
An archer wants to test the speed of his shot (arrow) using limited sources. During the experiment, he hits a solid ball made up of clay soil having mass 0.4 kg kept at a height of 80 m on the...

Answered: 1 week ago

Question

★★★★★
The term (2 points) refers to a broad range of tools and activities used to explore big data in order to make forecasting models that will inform decision-making. a) Information system b) Knowledge...

Answered: 1 week ago

Question

★★★★★
Jim decided to sell his business because he wanted to retire. Through their lawyers, Mike agreed to buy Jim's business for $500,000. A certified cheque was specified as the method of payment for the...

Answered: 1 week ago

Question

★★★★★
Cash flow analysis. Kary Kinnard has an opportunity to open a franchised pizza outlet. He can lease the building, so he needs to invest only in equipment, which he estimates will cost $60,000. For...

Answered: 1 week ago

Question

★★★★★
an. c. Musk does not want to have to meet all the requirements necessary for a public stock offering. Which exemption from the public offering registration requirements of the Securities Act of 1933...

Answered: 1 week ago

Question

★★★★★
2. There is a lot of discussion about the need for diver-sity in organizations. What are some of the major benefits inclusive organizations experience?

Answered: 1 week ago

Question

★★★★★
9.1 List and briefly discuss the importance of the steps in leading organizational change.

Answered: 1 week ago

Question

★★★★★
9.2 Explain the strategic importance of career planning and development.

Answered: 1 week ago

Previous Question Next Question