Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 25, 2024

A company purchases a one-year insurance policy on Sept 1 for $420, correctly recording it as prepaid insurance. No adjustments have been make during the

A company purchases a one-year insurance policy on Sept 1 for $420, correctly recording it as prepaid insurance. No adjustments have been make during the year. The adjusting entry on December 31 is

a. debit Prepaid Insurance, $720, and credit Cash, $720

b. debit Insurance Expense, $280 and credit Prepaid Insurance, $280

c. debit Insurance Expense, $350 and credit Prepaid Insurance, $350

d. debit Insurance Expense, $140 and credit Prepaid Insurance, $1400

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

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

4th Edition

0470534788, 978-0470534786

More Books

Students also viewed these Accounting questions

Question

★★★★★

Renner Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Renner showed Cash of $5,000 and Owners Capital of $5,000. May 1...

Answered: 1 week ago

Question

★★★★★

4.47. The Palestinian Central Bureau of Statistics (www.pcbs.gov.ps) asked mothers of age 20-24 about the ideal number of children. For those living on the Gaza Strip, the probability distribution is...

Answered: 1 week ago

Question

★★★★★

4. Which of the following is true regarding extrinsic motivation? A. Extrinsic motivation should be avoided at all costs because it undermines a students intrinsic desire. B. Extrinsic motivation is...

Answered: 1 week ago

Question

★★★★★

Refer to Theory in Practice vignette 7.4, describing how The Blackstone Group proposed to account for the carried interest to be received from future earnings of unconsolidated firms it has invested...

Answered: 1 week ago

Question

★★★★★

Andronicus Corporation has the following jumbled information about an investment proposal: Revenues in each of years 13 = $30,000 Year 0 initial investment = $50,000 Inventory level = $15,000 in year...

Answered: 1 week ago

Question

★★★★★

Give the complexity of the following functions. Choose the most appropriate notation from among 0, 0, and O

Answered: 1 week ago

Question

★★★★★

_____________ phase includes consideration of the full scope of operational support, such as maintenance, supply, transportation, sustaining engineering, spectrum supportability, etc. A. Technology...

Answered: 1 week ago

Question

★★★★★

M1D5( Guest Reservations) 1-Discuss what the case Freeman v. Kiamesha Concord, Inc., teaches us with respect to contractual agreements between a hotel and a guest. 2-Discuss the damages a guest may...

Answered: 1 week ago

Question

★★★★★

Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the parts for its engines, Including the carburetors. An outside supplier...

Answered: 1 week ago

Question

★★★★★

Solve and indicate whether the following series are convergent or divergent Ans: Diverges by Limit Comparison Test 0 3 m=1 7" n! Ans: Converges by Integral Test 8 h= n=1 Thus, this diverges by the...

Answered: 1 week ago

Question

★★★★★

A farmer installed a tank for the purpose of keeping the hot water for his residential house in the farm. The tank is made of mild steel of wall thickness 10 mm and contains water at 90oC. Calculate...

Answered: 1 week ago

Question

★★★★★

13.4 Describe the two categories of pension plans and the shift that is occurring in their relative popularity.

Answered: 1 week ago

Question

★★★★★

13.5 Discussfive types of employee-specific benefits and identify the impact of these benefits on the employeeemployer relationship.

Answered: 1 week ago

Question

★★★★★

13.1 Explain the strategic role of employee benefits.

Answered: 1 week ago

Previous Question Next Question