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

Question

1 Approved Answer

please, I need answer ASAP! Smokey Company purchases a one-year insurance policy on July 1 for $13,704. The adjusting entry on December 31 is Oa.

image text in transcribed

please, I need answer ASAP!

Smokey Company purchases a one-year insurance policy on July 1 for $13,704. The adjusting entry on December 31 is Oa. debit Insurance Expense, S6,852 and credit Prepaid Insurance, $6,852 Ob. debit Prepaid Insurance, $12,562 and credit Cash, $12,562 Oc. debit Insurance Expense, $13,704 and credit Prepaid Insurance, $13,704 Od. debit Insurance Expense, $1,142 and credit Prepaid Insurance, $13,704

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

Designing Cost Management Systems To Support Business Decision-MakingIndustry Inspired Case Studies

Designing Cost Management Systems To Support Business Decision-MakingIndustry Inspired Case Studies

Authors: Pieter Buys

1st Edition

9811617503, 9789811617508

More Books

Students also viewed these Accounting questions

Question

★★★★★
Aspen Medical Laboratory performs comprehensive blood tests for physicians and clinics throughout the Southwest. Aspen uses a standard process-costing system for its comprehensive blood work. Skilled...

Answered: 1 week ago

Question

★★★★★
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant...

Answered: 1 week ago

Question

★★★★★
Be prepared to discuss your career plans.

Answered: 1 week ago

Question

★★★★★
Start Excel. Download and open the file named Exp19_Excel_Ch09_Cap_HouseCleaners.xfsx. Grader has automatically added your last name to the beginning of the filename. 1 2 The title and column labels...

Answered: 1 week ago

Question

★★★★★
Lola Metals has two decentralized divisions, Stamping and Finishing. Finishing always has purchased certain units from Stamping at $49 per unit. Stamping plans to raise the price to $61 per unit, the...

Answered: 1 week ago

Question

★★★★★
24 25 26 and 27 thanks 24. Interim financial reports shall be published: a. Once a year at any time in that year b. Within a month on the half year-end c. On a quarterly basis d. Whenever the entity...

Answered: 1 week ago

Question

★★★★★
An ETF is a. a contract that gives a buyer the right to buy or sell a security at a specified price on or before a certain date. b. an agreement between a buyer and seller to buy an asset at a later...

Answered: 1 week ago

Question

★★★★★
Treasury notes are bonds that mature in 2, 3, 5, 7, and 10 years. True or False

Answered: 1 week ago

Question

★★★★★
If you own a $5,000 bond that has a coupon of 4 percent and pays interest semiannually, how much interest would you receive? a. $200 every six months b. $200 once a year c. $200 every two years d....

Answered: 1 week ago

Question

★★★★★
Compare the resiliency to failure of n-cube to a fully- connected interconnection network. Plot a comparison of reliability as a function of the added number of links for the two topologies. Refer to...

Answered: 1 week ago

Question

★★★★★
Write the Kalman filter equations for an \(\operatorname{AR}(1)\) process written is state space form with \(H_{t}=1, \alpha_{t}=z_{t}\) and \(V_{t}=0, \Omega_{t}=\phi, R_{t}=\sigma_{a}^{2}\). Show...

Answered: 1 week ago

Question

★★★★★
Describe how organizational culture is being affected by having a greater percentage of women and minorities in the workforce

Answered: 1 week ago

Question

★★★★★
In your opinion, what HRD skills or competencies does an HRD manager need? How are these skills and competencies learned?

Answered: 1 week ago

Question

★★★★★
Describe the ways organizations attempt to integrate women and minorities into the organization and the relative success of these efforts

Answered: 1 week ago

Previous Question Next Question