The balance in the prepaid insurance account, before adjustment at the end of the year, is $2,475.

Question:

The balance in the prepaid insurance account, before adjustment at the end of the year, is $2,475. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:

(a) The amount of insurance expired during the year is $1,215;

(b) The amount of unexpired insurance applicable to future periods is $1,260.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

See More Books

Question Posted: Nov 03, 2012 05:34 AM

See More Questions

The balance in the supplies account, before adjustment at the end of the year, is $2,975. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $614.
The balance in the unearned fees account, before adjustment at the end of the year, is $316,290. Journalize the adjusting entry (include an explanation) required if the amount of unearned fees at the...
The balance in the prepaid insurance account, before adjustment at the end of the year, is $6,175. Journalize the adjusting entry required under each of the following alternatives for determining the...
Your client, Mr. Brakes Inc., owns and operates an auto-motive repair shop in Cooperstown, New York. Mr. Brakes specializes in replacing and repairing brakes on cars, sport utility vehicles, and...
Find the Euclidean inner product u v. (a) u = (2, 5),v = (- 4, 3) (b) u = (3, 1,4, - 5), v = (2, 2, - 4, - 3)
8 8 x 8 HI 0 4 ( a ) ( d ) 1 . 8 6 ( ) 2 2 rths * x - X x 2 AWNO P ( x ) 0 . 0 0 5 0 . 0 1 4 0 . 1 1 9 0 . 2 0 2 0 . 3 2 0 0 . 2 0 2 0 . 1 1 9 0 . 0 1 4 0 . 0 0 5 0 0 | a a = 3 = 0 Chp
What are the three steps of the planning phase of the strategic marketing process? LO.1
Ortiz Company is a manufacturer of toys. Its controller resigned in August 2012. An inexperienced assistant accountant has prepared the following income statement for the month of August 2012. Prior...
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory...
1. How could you use the design lens, the experience lens and the variety lens to account for the development of the mobile phone business within Nokia? 2. How could you use the design lens and the...
On August 1 of the current year, a business paid the August rent on the building that it occupies. (a) Do the rights acquired at August 1 represent an asset or an expense? (b) What is the...
The prepaid insurance account had a balance of $5,600 at the beginning of the year. The account was debited for $1,800 for premiums on policies purchased during the year. Journalize the adjusting...
Presented below is the partial bond discount amortization schedule for Cardosa Corp. Cardosa uses the effective-interest method of amortization. Interest Semiannual Interest to Expense to Discount...
Q2 2 Points The time between students pinging professor with questions during an exam is modeled by an exponential random variable X (measured in minutes) with parameter (usual notation) Q2.1 1 Point...
A. Describe what the formula P = M A E represents. B. What happens if one of these factors becomes deficient? C. In terms of performance, identify the four different types of reinforcement. Provide...
1-3.2) K Question 10, 3.1.37 Part 1 of 6 > HW Score: 53.33%, 6.4 of 12 points O Points: 0 of 1 Save Because the mean is very sensitive to extreme values, it is not a resistant measure of center. By...
Research the company and obtain the following information: Mission Statement - Purpose of their existence Goals and objectives (What are they in business for) SWOT analysis for this company Based on...
please write one page for the concept of organizational structure one page paper of factors affecting organizational structure.
Understand the benefi ts of strategic management for health care organizations.
Refer to Exercise 8.S.I. Construct a scatterplot of the data. Does the appearance of the scatterplot indicate that the pairing was effective? Explain. Exercise 8.S.I. A volunteer working at an animal...
A pet shop wants to give a discount to its clients if they buy one or more pets and at least five other items. The discount is equal to 20 percent of the cost of the other items, but not the pets....
Suppose I have computed the cost of carbon per mile for my car at 0 . 0 1 2 per mile. Assume that the interest rate is 4 % and that I drive the car 2 8 , 0 0 0 miles per year. What is the present...
Imagine that in stable growth period, the firm earns ROIC of 10% and has after tax EBIT of 200 and reinvestment $ of 40. What is the steady state growth rate? 20% O 10% 2%
Tanner-UNF Corporation acquired as a long-term investment $160 million of 5.0% bonds, dated July 1, on July 1, 2021. Company management has the positive intent and ability to hold the bonds until...

The balance in the prepaid insurance account, before adjustment at the end of the year, is $2,475.

Question:

Step by Step Answer:

a Insurance Expense 12...View the full answer

Accounting

Students also viewed these Accounting questions