Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 27, 2024

The payment of a one year insurance policy that expires next year will be recorded in the general journal with Select answer from the options

The payment of a one year insurance policy that expires next year will be recorded in the general journal with Select answer from the options below a debit to Accounts Payable and a credit to Prepaid Insurance.

a debit to Cash and credit to Prepaid Insurance.

a debit to Prepaid Insurance and a credit to Cash.

a debit to Prepaid Insurance and a credit to Accounts Payable.

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

The detailed answer for the above question is provided below The correct journal entry for the payme... 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

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

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

6th Canadian edition

1118644948, 978-1118805084, 1118805089, 978-1118644942

More Books

Students also viewed these Accounting questions

Question

★★★★★

The following trial balance of Messed Up Ltd., at the end of its first year of operations, May 31, 2015, does not balance: Each of the listed accounts has a normal balance per the general ledger....

Answered: 1 week ago

Question

★★★★★

Scallion Ltd uses subsidiary ledgers for Accounts Receivable and Accounts Payable only. The company is registered for GST at the rate of 10% and is required to pay GST on its purchases and to collect...

Answered: 1 week ago

Question

★★★★★

The Fashion Rack has a monthly accounting period. The firms chart of accounts is shown below and on the next page. The journals used to record transactions are the sales journal, purchases journal,...

Answered: 1 week ago

Question

★★★★★

Josh Kuchin is studying for the next accounting mid-term examination. What should Josh know about? (a) Departing from the cost basis of accounting for inventories (b) The meaning of "market" in the...

Answered: 1 week ago

Question

★★★★★

On January 1, Dogwood Industries issues 9 percent, 10-year bonds payable with a maturity value of $130,000. The bonds sell at 96 and pay interest on January 1 and July 1. Dogwood Industries amortizes...

Answered: 1 week ago

Question

★★★★★

What products would you expect from the followingreactions? ta) CH3CH2CH2C=CH + 2 Cl2 () (b) 1 HBr -CH + 1 Br -C=CH c) CH3CH2CH2CH2C3CH + 1 HBr - ?

Answered: 1 week ago

Question

★★★★★

A random variable X has a jump at the point x = 2, while its continuous part is described by the density (i) What is the value of the probability P(X = 2)? (ii) Find the expected value of X. x-2x...

Answered: 1 week ago

Question

★★★★★

Alpha Company purchased 30% of the voting common stock of Beta Company on January 1 and paid $500,000 for the investment. Beta Company reported $100,000 of earnings for the year and paid $40,000 in...

Answered: 1 week ago

Question

★★★★★

How many months will it take to pay off an $1150 debt, with monthly payments of $30 at the end of each month, if the interest rate is 18% compounded monthly? Using the same values in question (a),...

Answered: 1 week ago

Question

★★★★★

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 150 units50 from each of the last three...

Answered: 1 week ago

Question

★★★★★

Which of the following is a service that enables the quick and easy creation, testing, and employment of web applications without the necessity of buying and maintaining the software and...

Answered: 1 week ago

Question

★★★★★

manufacturing has its challenges, especially when the product is high production quantities at low margins. This has made quality inspection more common place in manufacturing processes. Which points...

Answered: 1 week ago

Question

★★★★★

Refer to Step 3.3. In the "Constrained" or "Long Only" version of the optimal risky portfolio, what is the portfolio standard deviation? answer as a percentage, with no percentage symbol ("%"),...

Answered: 1 week ago

Question

★★★★★

As a security operative for a Fortune 1000 company, how would I protect my organization's assets?

Answered: 1 week ago

Question

★★★★★

Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2023, machinery and equipment (seven-year property) with a basis of $1,330,000. Assume that Olney has sufficient...

Answered: 1 week ago

Question

★★★★★

A marketing company needs to decide how much time to allocate between radio and television advertising during the next month. The manager has determined that at least 80% of the time should be...

Answered: 1 week ago

Question

★★★★★

Why will Sovereign Wealth Funds (SWS) that are often flush with oil revenues invest in green energy and other sustainable investments?

Answered: 1 week ago

Question

★★★★★

Charles owns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for $800,000 and $100,000, respectively. During the current year,...

Answered: 1 week ago

Question

★★★★★

Indicate on which financial statement (the statement of financial position, income statement, or statement of changes in equity) each of the following accounts would be reported. Also give the...

Answered: 1 week ago

Question

★★★★★

Selected ratios for two companies are as follows: Instructions (a) Which company is more liquid? Explain. (b) Which company is more solvent? Explain. Grenville Portage Current ratio Receivables...

Answered: 1 week ago

Question

★★★★★

Why is the bad debts expense that is reported in the income statement usually not the same amount as the allowance for doubtful accounts amount reported in the statement of financial position?

Answered: 1 week ago

Question

★★★★★

The prices and the numbers of various items produced by a small machine and stamping plant are reported below. Use 2000 as the base. a. Determine the simple price indexes. b. Determine the simple...

Answered: 1 week ago

Question

★★★★★

Following are the quantities and prices for the years 2000 and 2014 for Kinzua Valley Geriatrics. Use 2000 as the base period. a. Determine the simple price indexes. b. Determine the simple aggregate...

Answered: 1 week ago

Question

★★★★★

The production manager of MPS Audio Systems Inc. is concerned about the idle time of workers. In particular, he would like to know if there is a difference in the idle minutes for workers on the day...

Answered: 1 week ago

Previous Question Next Question