Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 19, 2024

6-08-2021 On 1st July 2020, Goodwill Traders paid OMR 12,000 as an insurance premium for their vehicles. The coverage starts from 1st July 2020 for

6-08-2021 On 1st July 2020, Goodwill Traders paid OMR 12,000 as an insurance premium for their vehicles. The coverage starts from 1st July 2020 for one year. Which one of the following will be included in the adjustment entry on 31 December 2020? a. Debit Prepaid Insurance OMR6,000, Credit Insurance Premium OMR6,1000 b. Debit Insurance Expense OMR 6,000, Credit Prepaid Insurance OMR6,000 C. Debit Insurance Expense OMR12,000, Credit Prepaid Insurance OMR12,000 d. Debit Prepaid Insurance OMR6,000, Credit Insurance Expense OMR6,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Managerial Accounting

Authors: Karen W. Braun, Wendy M. Tietz

3rd edition

132890542, 978-0132890540

Students also viewed these Accounting questions

Question

2.2 You are given n = 8 measurements: 3, 2, 5, 6, 4, 4, 3, 5. a. Find x. b. Find m. c. Based on the results of parts a and b, are the measurements symmetric or skewed? Draw a dotplot to confirm your...

Answered: 1 week ago

Question

★★★★★

Geek Chic Company provides computer repair services for the community. Obie Wons computer was not working, and he called Geek Chic for a home repair visit. Geek Chic Companys technician arrived at 2:...

Answered: 1 week ago

Question

★★★★★

"All" is an example of a quantifier

Answered: 1 week ago

Question

★★★★★

Construct the CPM network described by the following set of activities, computer the length of each patch in the network, and indicate the critical path. Activity Time (months) 1- 2 4 1-3 7 2- 5 3- 5...

Answered: 1 week ago

Question

★★★★★

Establish a strong argument in-favor of and in-opposition to businesses being involved in the political process. Discuss and give an example of the three types of corporate political strategies and...

Answered: 1 week ago

Question

★★★★★

Please also show the solutuions 1. No-coupon bonds have a face value of $1,000 and mature in 10 years. Investors want an annual yield of 8% on these bonds. The price of the bond is () USD? 2....

Answered: 1 week ago

Question

★★★★★

7. The case discusses two events during the year that impacted the use of labor (and therefore the unfavorable flexible budget variance for direct labor): the 50,000 unit sales to the catalog company...

Answered: 1 week ago

Question

★★★★★

An integral component of the ability to make strategic decisions is to have an educated understanding of the environmental aspects that can impact an organization. The internal and external...

Answered: 1 week ago

Question

★★★★★

The day had gone surprisingly well considering all the activity at Central High School. Central was hosting the league track championships on the same day it was playing a baseball doubleheader...

Answered: 1 week ago

Previous Question Next Question