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

Question

1 Approved Answer

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of

Diane's Designs purchased a one-year liability insurance policy on March 1 of this year for $8,400 and recorded it as a prepaid expense. Which of the following amounts would be recorded for insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?
a. $7,700
b. $700
c. $840
d. $8,400

Step by Step Solution

★★★★★

3.44 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

DD Company purchased one year liability insurance policy for 8400 The transaction ma... 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

College Accounting

College Accounting

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

11th edition

978-1111528300, 1111528128, 1111528306, 978-1111528126

More Books

Students also viewed these Accounting questions

Question

★★★★★
On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited $ 25,000 in a...

Answered: 1 week ago

Question

★★★★★
On March 1 of the current year, Johanne Stores acquired 100% of the voting shares of Ferry Furniture Company. Johanne only reports annually on a calendar basis. As part of the merger agreement,...

Answered: 1 week ago

Question

★★★★★
On March 1 of the current year, Alice, Bob, Carla, and Dick form Bear Corporation and transfer the following items: Property Transferred Alice purchased the land and building several years ago for...

Answered: 1 week ago

Question

★★★★★
Average rates of return on Treasury bills, government bonds, and common stocks, 1900-2020. Average Annual Average Premium (Extra Rate of Return return versus Treasury (8) bills) (%) Portfolio...

Answered: 1 week ago

Question

★★★★★
Cobalt-60, which undergoes beta decay, has a half-life of 5.26 yr. (a) How many beta particles are emitted in 600 s by a 3.75-mg sample of 60Co? (b) What is the activity of the sample in Bq?

Answered: 1 week ago

Question

★★★★★
Breckenridge Nutrition completed the following selected transactions: 2014 Oct 31 Sold goods to Best-Yet Foods, receiving a $36,000, three-month 5.00% note. Dec 31 Made an adjusting entry to accrue...

Answered: 1 week ago

Question

★★★★★
Did the researcher know the community well enough to make recommendations that will be found to be truly useful for community members?

Answered: 1 week ago

Question

★★★★★
Chiapas Corporation purchased 2,000 shares of its $10 par value common stock for $120,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold...

Answered: 1 week ago

Question

★★★★★
can i please get the closing journal entries for this pre trial balance. ' City of Smithville Street Improvement Bond Debt Service Fund Pre-Closing Trial Balance For year 2017 Debits Credits Cash...

Answered: 1 week ago

Question

★★★★★
The Scottie Sweater Company produces sweaters under the "Scottie" label. The company buys raw wool and processes it into wool yarn from which the sweaters are woven. One spindle of wool yarn is...

Answered: 1 week ago

Question

★★★★★
1. Consider the discrete Gauss-Markov Random Process [x(k+)] = [0:2 0.][**)]+[j]w(k) where the output is y(k)= x(k) and w is a zero-mean, purely-random Gaussian sequence with variance W. Solve the...

Answered: 1 week ago

Question

★★★★★
The company s suppliers are in Asia. What strategy should the company adopt for raw material inventory management as well as finished goods inventory management. Please recommend a distribution grid...

Answered: 1 week ago

Question

★★★★★
Action Memo : Write and submit an action memo to the chief executive officer of a manufacturing company recommending an approach for future energy efficiency and renewable energy development, using...

Answered: 1 week ago

Question

★★★★★
An educational consultant claims that the average IQ of high school students in a particular city is at least 110. To verify this claim, a school board selects a random sample of 20 students and...

Answered: 1 week ago

Question

★★★★★
Below are summary cash flow statements for three roughly equal-sized companies. ($ millions) A B C Net cash flows from operating activities (312 ) (312 ) 324 Net cash used in investing activities...

Answered: 1 week ago

Question

★★★★★
You are a Chartered Certified Accountant and the newly appointed Internal Auditor of a company that is experiencing financial difficulties. As a condition for obtaining bank loans, the company has...

Answered: 1 week ago

Question

★★★★★
Production Budget Healthy Measures Inc, produces a Bath and Gym version of its popular electronic scale. The anticipated unit sales for the scales by isales region are as follows: The finished goods...

Answered: 1 week ago

Question

★★★★★
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?

Answered: 1 week ago

Question

★★★★★
Gray Company uses the allowance method of handling expenses due to bad debts. Gray Companys Accounts Receivable account has a balance of $ 82,000. Net sales for the year total $ 104,000. Write the...

Answered: 1 week ago

Question

★★★★★
On December 31 of last year, the accountant for Basset Co. prepared a balance sheet that included $ 198,654 in Accounts Receivable and $ 13,528 (credit) in Allowance for Doubtful Accounts. Selected...

Answered: 1 week ago

Question

★★★★★
Williams Company pays its employees time- and- a- half for hours worked in excess of 40 per week. The information available from time records and employees individual earnings records for the pay...

Answered: 1 week ago

Question

★★★★★
Do the steps in the decision-making process have to be followed in order?

Answered: 1 week ago

Question

★★★★★
The Vaderson Forecasting Associates sells a broad range of economic forecasting services to businesses and government agencies. One of its primary products is the Vaderson Exchange Rate Seer, a model...

Answered: 1 week ago

Question

★★★★★
Swenson Electric Company sells on terms of net 30. Given the following information on its receivables, construct an aging of accounts schedule as of September 1, showing the percentage of accounts...

Answered: 1 week ago

Previous Question Next Question