Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please tell me the No.5 and 7 5. On April 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy.
Please tell me the No.5 and 7
5. On April 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy. The entire $6,000 was debited to prepaid insurance. confliccronisadas basda obav4 24 7. A customer paid Pastina $2,000 in December for 1,500 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. Crudit uneral Journal Depreciation expense Accumulated depreciation Debit 10,000 10,000 1,500 Salaries expense Salaries payable 1,500 1,500 Interest expense Interest payable 1,500 1,333 Interest receivable Interest revenue 1,333 3,750 Insurance expense Prepaid insurance 3,750 X 700 Supplies expense Supplies 700 2,000 Sales revenue Deferred sales revenue 2,000 1,000 1,000 Rent expense Prepaid rentStep 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