Mackenzie Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should Mackenzie report as a current liability for Unearned Insurance Revenue at December 31? Select one: a. $5,000. b. $0. C. $10,000. d. $15,000. e. The answer does not exist
Mackenzie Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should Mackenzie report as a current liability for Unearned Insurance Revenue at December 31? Select one: a. $5,000. b. $0. C. $10,000. d. $15,000. e. The answer does not exist
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...
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Question
![Mackenzie Insurance Company collected a premium of $15,000 for a 1-year insurance policy on
May 1. What amount should Mackenzie report as a current liability for Unearned Insurance
Revenue at December 31?
Select one:
a. $5,000.
b. $0.
C. $10,000.
d. $15,000.
e. The answer does not exist
BA](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb55120ef-f18e-4cb5-96c5-b1911061a829%2F9cc6f08e-e470-461f-9534-65008d76053c%2Fhk3ak5o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mackenzie Insurance Company collected a premium of $15,000 for a 1-year insurance policy on
May 1. What amount should Mackenzie report as a current liability for Unearned Insurance
Revenue at December 31?
Select one:
a. $5,000.
b. $0.
C. $10,000.
d. $15,000.
e. The answer does not exist
BA
![On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month,
$120,000, 8% note. The entry by Eli's Carpet Service to record payment of the note and accrued
interest on January 1 is
Select one:
a.
.127,500
127,500
Notes Payable..
Cash
b. The answer does not exist
C.
Notes Payable...
.125,000
Interest Expense..
2,500
Cash
127,500
d.
Notes Payable..
Interest Payable.
125,000
2,500
Cash.
127,500
e.
Notes Payable.
125,000
Interest Payable..
10,000
Çash....
135,000
SHIBA
F1
F2
F3
F4
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AD
F6
F7
F8
F9
F10
F11
F12
PRTSC
SYSRQ
#3
4
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7
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6.
V
7.
HOME
PGUP
W
Y
P
DIF
H.
i
J
K
ENO
--](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb55120ef-f18e-4cb5-96c5-b1911061a829%2F9cc6f08e-e470-461f-9534-65008d76053c%2Fa2xchtb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month,
$120,000, 8% note. The entry by Eli's Carpet Service to record payment of the note and accrued
interest on January 1 is
Select one:
a.
.127,500
127,500
Notes Payable..
Cash
b. The answer does not exist
C.
Notes Payable...
.125,000
Interest Expense..
2,500
Cash
127,500
d.
Notes Payable..
Interest Payable.
125,000
2,500
Cash.
127,500
e.
Notes Payable.
125,000
Interest Payable..
10,000
Çash....
135,000
SHIBA
F1
F2
F3
F4
F5
AD
F6
F7
F8
F9
F10
F11
F12
PRTSC
SYSRQ
#3
4
&
7
*
6.
V
7.
HOME
PGUP
W
Y
P
DIF
H.
i
J
K
ENO
--
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