Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 17, 2024

Teddy Fresh Inc. paid $24,000 for a 12-month insurance policy on August 1, 2020. The original entry made on 8/1/2020 was a debit to a

Teddy Fresh Inc. paid $24,000 for a 12-month insurance policy on August 1, 2020. The original entry made on 8/1/2020 was a debit to a nominal account. What adjusting journal entry needs to be made on 12/31/2020? Good journal entry form is required.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

12th edition

1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411

Students also viewed these Accounting questions

Question

An electronic game machine makes a profit of c dollars per hour of service. The machine, however, breaks down at random times. In particular, it is assumed that the number of breakdowns follows a...

Answered: 1 week ago

Question

★★★★★

Harvest Cereals produces a wide variety of breakfast products. The companys three best-selling breakfast cereals are Double Bran Bits, Honey Wheat Squares, and Sugar King Pops. Each box of a...

Answered: 1 week ago

Question

★★★★★

1) A $1,000 par value bond, which makes interest payments of $100 (annually), has five years left until maturity. This bond should sell for more than $1,000 if market interest rates are below ten...

Answered: 1 week ago

Question

★★★★★

A campanya 13% WACC and is considering two muy dive investments that cannot be repeated with the following and flows 2 3 5 7 Project Drejt $300 5387 5193 -S100 5000 5600 $850 $180 $135 5135 515 5135...

Answered: 1 week ago

Question

★★★★★

Prepare a Life Cycle Assessment of returnable and non-returnable glass bottles used for the production of soda. The bottles have a capacity of 300 mL. A returnable bottle has a mass of 250 g and...

Answered: 1 week ago

Question

★★★★★

Consider the design of an engineered wetland amended with limestone to treat acidic drainage from a coal mine. For the purposes of this problem, we will focus on the total dissolved solids (TDS) of...

Answered: 1 week ago

Question

★★★★★

Hudson Jewelers' current layout displays jewelry designs from the CAD system on a screen in the front of the store. However, customers have little privacy when designing jewelry there. What are the...

Answered: 1 week ago

Question

★★★★★

You deposit $A today in a fund paying interest at j4 = 6%. You plan to make quarterly withdrawals for 5 years (for a total of 20 withdrawals), with the first deposit made 1 year from now. The first...

Answered: 1 week ago

Question

★★★★★

2. Titanic Corporation has three investment centre as below: Centre Nike Pine Feira (RM) (RM) (RM) Sales Operating income Average operating assets 4,000,000 6,000,000 3,500,000 4,000,000 6,000,000...

Answered: 1 week ago

Previous Question Next Question