4. Prepaid insurance schedule as of June 30, 2014, showed a total of $215 in unexpired insurance.Question: The journal entry to record the adjusting entry is:Insurance Expense 1185Prepaid InsuranceInsurance ExpenseA/PInsurance ExpenseA/P☐ Prepaid InsuranceCash2151615215☐ Prepaid Insurance 21511852151615215Insurance Expense 215

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Answered: 4. Prepaid insurance schedule as of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P120,000.00 and (CR) Cash, P120,000.00 a. Transposition b.…
C The following transactions for Carleton Company ocured during January 2020: 1. Purchase two-year insurance policy for cash, $8,400 4. Paid Utilities bill recieved in December 2019, $450. 9. Peformed service account, $1,200 16. Paid Bi-monhly salary to employees, $2, 700 21. Recieved $800 from a costumer on account. 25. Recieved $600 from Janaury 9 transaction. 30, Prepared the adjusting entry for insurnace from Janaury 1 Transaction. 30. Accrued wages of $2,750. Required: show the amount on revenue and expense recognized for each transaction under both accrual basis and cash basis of accounting by completing the charts below. ACCRUAL BASIS Date Revenue Expenses CASH BASIS Date Revenue Expenses
The following information is available for possible adjustments: 1. The prepaid insurance account balance represents a premium paid in July 1, 2020 for 2 years. 2. The medical supplies on hand that were counted at December 31, 2020 amounts to P7,875.
kk. Subject :- Accounting
ngageNOWv2 | Online teachin x TakeAssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator=&inprogress%3false A one-year insurance policy was purchased on June 1 for $3,360. Journalize the adjusting entry required on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Insurance Expense Previous Nex Submit Test for All work saved.
8.) How much is adjusted Prepaid Insurance on December 31, 2021? 9.) How much is adjusted Insurance Expense on December 31, 2021?
The balance in the prepaid insurance account before adjustment on December 31, 2007 is $5,000. The amount of expired insurance is $2,000. What account should be debited in the journal (1) and for what amount to record the adjusting entry for insurance based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Insurance Expense $2,000 Insurance Expense $3,000 Prepaid Insurance $3,000 Prepaid Insurance $2,000
Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…
Requlred Informatlon [The following Information apples to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. b-1. Use the horizontal model to show the amount of Insurance premlum "used" that month. (Use amounts with + for Increases and amounts with – for decreases.) Balance Sheet Liabilities Income Statement + Stockholders' Equity - Net Income Revenues Expenses Assets
zmo Company purchased a 1-year insurance policy on October 1 for $4,560. Journalize the adjusting entry on December 31. If an amount box does not require an entry, leave it blank. December 31 Insurance Expense Prepaid Insurance X X X 8 X
How to adjust and write this on general journal? The prepaid insurance account amounts to $12,000. Of this amount, $8,500 has expired as of December 31.
The balance in the Prepaid Insurance account before adjustment is $16,500 (assume normal balance). As of 10/31 the amount of insurance that has expired is $6,500

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