Cornhusker Supplies Inc. purchased a 12-month insurance policy on March 1, 2020, for $2,640. At March 31, 2020, the adjusting journal entry to record the expiration of this asset will include a: A) debit to prepaid insurance and a credit to insurance expense for $293. B) debit to Insurance expense and a credit to prepaid insurance for $220. C) debit to prepaid insurance and a credit to cash for $2,640. D) debit to insurance expense and a credit to cash for $220.
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- Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000An examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase Life of Policy Cost September 1, 2019 4years P25,920 May 1, 2020 2years 18,960 July 31, 2020 1year 9,720 Prepaid Insurance was debited for the cost of each policy at the time of its purchase. Expired insurance was correctly recorded at the end of 2019. What is the balance of Prepaid Insurance at the end of 2020?
- Maple Tree Inc. purchased a 12-month insurance policy on March 1, 2019 for $900. At December 31, 2019, the adjusting journal entry to record expiration of this asset will include a: o Debit to Insurance Expense and a credit to Prepaid Insurance for $900 o Debit to Prepaid Insurance and a credit to Insurance Expense for $100 o Debit to Insurance Expense and a credit to Prepaid Insurance for $75 o None of the aboveABC Inc. purchased a 12-month insurance policy on January 1, 2019 for OMR 2400. At June 30, 2019, The Adjusting Entry should be: Select one: Oa. Debit to Insurance Expense, OMR 1200; Credit to Prepaid Insurance for OMR1200 O b.None of the answers are correct Oc Debit to Insurance Expense. OMR 2400; Credit to Prepaid Insurance for OMR 2400 O d. Debit to Prepaid Insurance, OMR 1400; Credit to Insurance Expense for OMR 1400 Oe. Debit to Prepaid Insurance, OMR 2400: Credit to Cash for OMR 2400 Clear my choiceUnder M. Sabio Company’s accounting system, all insurance premiums paid are debited to prepaid insurance. For interim financial reports, M Sabio makes monthly estimated charges to insurance expenses with credits to prepaid insurance. Additional information for the year ended December 31, 2019 are as follows: Prepaid Insurance at December 31, 2018 P120,500 Charges to insurance expense during 2019( including a year- End adjustment of P10,500) 437,500 Prepaid Insurance at December 31, 2019 110,000 What was the total amount of insurance premiums paid by M. Sabio during 2019? P448,000 P427,000 P327,500 P437,500
- On October 1, 2022, Bramble Company issued an $828000, 9%, 9-month interest-bearing note. If the Bramble Company is preparing financial statements at December 31, 2022, the adjusting entry for accrued interest will include a: O credit to Notes Payable of $18630. O credit to Interest Payable of $37260. O debit to Interest Expense of $27945. O debit to Interest Expense of $18630c. On September 1, 2019, North Dakota Manufacturing paid a premium of $13,560 in cash for a one-year insurance policy. On December 31, 2019, an examination of the insurance records showed that coverage for a period of four months had expired. Record the adjustment for insurance expired. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019On September 1, 2019, Melanie Corp. borrowed $101,000 in cash and executed a 6-percent, interest-bearing note payable. Both the principle and interest are due on August 31, 2020. Assume that the correct adjusting entry was submitted on December 31, 2019, and that no more adjusting entries were made in 2020. What journal entry would need to be made in order to pay the debt on August 31, 2020? Multiple Options Interest is due 2,020 Payable Notes 101,000 Cash 103,020 Payable Notes 101,000 6,060 in interest costs 107,060 in money 6,060 in interest costs, 6,060 in cash Cost of interest: $4,040 Interest is due 2,020 Payable Notes 101,00 Cash 107,060
- On September 1, 2022, Rowen Manufacturing issued a $90,000, 6-month, 9% note payable to purchase equipment. At December 31, 2022, the company records an adjusting entry to accrue interest incurred by not paid. The company pays the note with interest at the maturity date. What is the adjusting journal entry at December 31 to record the accrued interest on the note payable? Multiple Choice • Debit Interest Expense and credit Interest Payable for $2,700. • Debit Interest Expense and credit Interest Payable for $3,600. • Debit Interest Expense and credit Interest Payable for $8,100. • Debit Interest Payable and credit Cash for $3,600.A company makes the payment of a one-year insurance premium of $4,584 on March 1, 2019. c. Calculate the amount of prepaid insurance that should be reported on the December 31, 2019, balance sheet with respect to this policy.On November 1, 2024, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2025. New Morning Bakery should record which of the following adjusting entries at December 31, 2024? Multiple Choice Debit Interest Expense and credit Interest Payable, $2,040 Debit Interest Expense and credit Cash, $6,120 Debit Interest Expense and credit Cash, $2,040 Debit Interest Expense and credit Interest Payable, $6,120