Prepaid Insurance Annual Adjustments Instructions Chart of Accounts First Question General Journal Final Question On April 1, 2016, Briggs Corp purchases a 24-month property insurance policy for $72,000. The policy to effective immediately Assume that Biggs prepares acting entries only once a year, on December 11 Required: 1 Compute the monthly cost of the insurance policy 2. Prepare the journal entry to recond the purchase of the policy on April 1, 2016) 3. Prepare the arting entry on December 31, 2016 4. Assume that the accountant forgets to record an adinting entry on December 31, 2016. Will net income for the year ended Decanter 31 2016 be understated or overstated O eBook Show Me How Video Print Item Prepaid Insurance-Annual Adjustments Instructions Or Grant of Accounts First Question General Journal Final Quest Chart of Accounts CHART OF ACCOUNTS Briggs Corp General Ledger < ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 154 Office Supplies on Hand REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 521 Salaries and Wages Expense First Question General Journal Final Question Instructions Or Chart of Accounts 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 154 Office Supplies on Hand 174 Equipment 179 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries and Wages Payable 235 Notes Payable 261 Income Taxes Payable EXPENSES 500 Cost of Goods Sold 521 Salaries and Wages Expense 532 Utilities Expense 533 Insurance Expense 534 Rent Expense 537 Office Supplies Expense 541 Depreciation Expense 551 Advertising Expense 559 Miscellaneous Expenses 810 Interest Expense How Me How Video Print Item Prepaid Insurance-Annual Adjustments First Question General Journal Final Question Instructions Chart of Accounts Or LIABILITIES 211 Accounts Payable 231 Salaries and Wages Payable 235 Notes Payable 261 Income Taxes Payable 534 Rent Expense 537 Office Supplies Expense 541 Depreciation Expense 551 Advertising Expense 559 Miscellaneous Expenses $10 Interest Expense 910 Income Tax Expense EQUITY 311 Capital Stock 331 Retained Eamings he that Briggs prep ecember 31, Instructions Chart of Accounts Or First Question First Question General Journal Final Question Shaded cells have feedback X ense 1. Compute the monthly cost of the insurance policy. Feedback Check My Work per month Points: 0/1 Consider the number of months covered by the premium nses Question not attempted. BATE GENERAL JOURNAL ACCOUNT TITLE Score: 0/33 IMPACT ON FINANCIAL STATEMENTS GE BALANCE SHEET INCOME STATEMENT POST HE D CRINT ASSETS LIMITS EQUITY REVENLE EXOGE HET INCO First Question General Journal Shaded cells have feedback (X GENERAL JOURNAL DATE ACCOUNT TITLE Adjusting Entries Feedback Score: 0/15 ne that Briggs prepares adjusting entries only once a year, on December 31 Shaded cats have feed IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT POST CREDIT ASSETS LATES YOUTY NYOLE OPOGE ENCOR Port 18/9