On October 1, St. George Insurance Company receives the insurance premium, in advance, from a customer for a 12-month insurance policy for $4,800. Assuming that the company closes its books on December 31, what will be the adjusting entry on December 31?

Q: 44. On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers…

A: a)

Q: During the fourth quarter of 2019, there were seven biweekly paydays on Friday (October 4, 18;…

A: There are mainly four type of returns or reports submitted by employer to State Income Tax.…

Q: On July 1, 2020, Wilson Co. pays $20,160 to Baker Insurance Co. for a 4-year insurance policy. Both…

A: Prepare journal entry:

Q: On October 1, 2019 your company paid its insurance agent P2,400 for the annual insurance premium…

A: Comments; Multiple questions asked  Prepaid expense - These are the expenses that paid in advance…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On the 1 September 2019 Jacobson Limited paid insurance premiums of $18,000 for 12 months to 31…

A: Journal: Recording of a business transactions in a chronological order. First step in the process of…

Q: n April 12, Hong co. agrees to accept a 60 day 10% 6,000 note from indigo co. to extend the due date…

A: As accounts payable are decreasing, So we need to debit the accounts payable and notes payable are…

Q: On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance…

A: Insurance premium for a month = Total premium collected / Period of insurance = $24,000 / 24 months…

Q: n December 1, Sheridan Company introduces a new product that includes a one-year warranty on parts.…

A: Solution:  estimated warranty cost = Units sold * 5% *90 = 1400*5%*90  = $6,300

Q: An invoice for $5313 is dated May 12 and offers terms of 2/20-40x. If the invoice is paid on July…

A: Discounts are offered by the seller to collect payment from the buyer in fewer days.

Q: On July 1, 2019, Carla Vista Co. pays $ 21.500 to Kingbird Insurance Co. for a 4-year insurance…

A: The process of recording business transactions in the books of accounts for the first time is known…

Q: On January 18, 2019, Big City Co, paid $36,000 for a two-year insurance premium that covers February…

A: 1.

Q: Please give answer

A: Step 1: Introduction to the Notes payableNotes payable are the sources of raising finance for the…

Q: Do a journal entry to account for insurance expense incurred in the month of December. Date the…

A: Journal Entry is a record of a transaction in accounting system

Q: Gizmo Inc. purchased a one-year insurance policy on Öctober 1 for $4,920. The adjusting entry on…

A: As revenue recognition concept and matching concept ,  revenues earned and expenses incurred in…

Q: Hawkies Inc. has an October 31 fiscal year. On August 1, 2020 Hawkies Inc. paid $ 72000 for…

A: Prepaid insurance on October 31, 2020 = $54,000Explanation:Given information, Fiscal year end =…

Q: A company makes the payment of a one-year insurance premium of $4,584 on March 1, 2019.   c.…

A: Prepaid insurance is considered a prepaid expense. It is a payment made to the insurer in advance…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: On December 30, 2006, Gannett purchases a general liability insurance agreement for the period of…

A: Prepaid expenses refer to those expenses which are paid in advance. It is recorded as an asset at…

Q: On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity. What is…

A: To calculate the amount of interest expense for the year-end adjusting entries, we need to determine…

Q: Smokey Company purchases a 1-year insurance policy on July 1 for $12,396. The adjusting entry on…

A: An adjusting entry is one that is created to properly allocate revenue and expenses to each…

Q: Marques Company provides a one-year warranty on its products. The estimated rate of defective…

A: Warranty Accounting:To increase sales and to make the trust amount the customers of the company, a…

Q: On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance…

A: From July 1 to Dec 31: 6 months   Out of 36 months of insurance, the amount for 6 months has been…

Q: journal entry made by Indigo Company to record the transaction?

A: As accounts payable are decreasing, so we need to debit the accounts payable and notes payable are…

Q: On 9/1, Knight's Stop would debit which account for the journal entry? O Accounts Receivable O…

A:

Q: Davis, Inc. borrows $49,071 on July 1 from the bank by signing a $49,071, 5%, 1- year note payable.…

A: Accrued interest is a crucial concept in finance, reflecting the recognition of earned or incurred…

Q: On July 1, 2020, Wilson Co. pays $16,140 to Anderson Insurance Co. for a 3-year insurance policy.…

A: Journalize the entry:

Q: Smokey Company purchases a 1-year insurance policy on July 1 for $10,824. The adjusting entry on…

A: The journal entries are prepared to record the transactions on a regular basis. The adjustment…

Q: Lion Company accepted a $15,000, 30-day, 6% note on December 16 from Diaz Co, granting a time…

A: Step 1 Calculate the daily interestAnnual interest = $15,000 x 6% = $900Daily interest = $900 / 360…

Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…

A: Introduction: Journals: 1 ) Journals are book of prime records. 2 ) All the business transactions…