On July 1, 2017, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a) Your answer is correct. For Ling Co., journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (b) Date Account Titles and Explanation July 1 Prepaid Insurance Dec. 31 Cash Insurance Expense Prepaid Insurance Debit 12,400 3,100 Credit Attempts: 3 of 5 used Your answer is partially correct. For Ling Co., post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance 7/1 7/1 12,400 12/31 6,200 12/31 Bal. 6,200 12, 3,

On July 1, 2017, Ling Co. pays $12,400 to Marsh Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a) Your answer is correct. For Ling Co., journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (b) Date Account Titles and Explanation July 1 Prepaid Insurance Dec. 31 Cash Insurance Expense Prepaid Insurance Debit 12,400 3,100 Credit Attempts: 3 of 5 used Your answer is partially correct. For Ling Co., post the entries passed on July 1 and December 31. (Post entries in the order of journal entries presented in the previous part.) Prepaid Insurance 7/1 7/1 12,400 12/31 6,200 12/31 Bal. 6,200 12, 3,

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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