Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 01, 2024

Mohammed paid 6,000 for a one-year fire insurance to protect his business. He journalized this transaction by debiting Insurance Expense 5.000 and crediting Cash 6,000.

Mohammed paid 6,000 for a one-year fire insurance to protect his business. He journalized

this transaction by debiting Insurance Expense 5.000 and crediting Cash 6,000. The correcting

entry should include?

a.insurance Expense 6,000 Credit

b. Prepaid Fire Insurance 6,000 Debit

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

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

More Books

Students also viewed these Accounting questions

Question

★★★★★

Given the multistep method wi+1 = 3/2 wi + 3wi1 - 1/2 wi2 + 3hf (ti ,wi), for i = 2, . . . , N 1, with starting values w0, w1, w2: a. Find the local truncation error. b. Comment on consistency,...

Answered: 1 week ago

Question

★★★★★

1. Why might the use of incentives in the form of gift certifi cates be better than just providing cash to employees?

Answered: 1 week ago

Question

★★★★★

=+2. What steps must take place for a first-time executive director to be successful?

Answered: 1 week ago

Question

★★★★★

The Silver Star Bicycle Company will be manufacturing mens and womens models of its Easy-Pedal 10-speed bicycle during the next two months, and the company would like a production schedule indicating...

Answered: 1 week ago

Question

★★★★★

Mohammed paid 6,000 for a one-year fire insurance to protect his business. He journalized this transaction by debiting Insurance Expense 5.000 and crediting Cash 6,000. The correcting entry should...

Answered: 1 week ago

Question

★★★★★

Homework 13 CPEG 207 Design a vending machine with digital logic gates that accepts nickels, dimes, and quanters and sodas. The machine should have s selection variety of sodas. Customer least 35...

Answered: 1 week ago

Question

★★★★★

Calculate the unemployment rate and labour force participation rate for Alberta and Canada. Show your work. Compare to the US unemployment rate and US labour force participation rate. Compare the...

Answered: 1 week ago

Question

★★★★★

Empire College London BTEC (RQF) Assignment Brief HNC in Business & HND in BUSINESS (Business Management) Unit 25: Global Business Environment Assignment Brief 2 Student Name/ID Number Unit Number...

Answered: 1 week ago

Question

★★★★★

An investor plans to buy bonds of the FSZ business. I f the nominal interest rate is 4% and the maturity in 4 years, while the nominal value is 1,000, answer the following questions: i. In case the...

Answered: 1 week ago

Question

★★★★★

Use the definition of hyperinflation. Based on the Visual Capitalist publication , did any country experience hyperinflation in 2022? Mapped: Which Countries Have the Highest Inflation?...

Answered: 1 week ago

Question

★★★★★

Lativia\'s Lattes finds that it can sell $ 5 , 0 0 0 worth of 1 6 - ounce lattes when its price is $ 4 per unit and $ 5 , 0 0 0 worth of it when its price is $ 5 , then

Answered: 1 week ago

Previous Question Next Question