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P9.1.1 Adjusting Entry Prepaid Insurance At January 31, 2022 Cy needs to update his accounts before preparing financial statements to review Mookie The Beagle Concierge performance for its first month of operations. Cy has asked for your

P9.1.1 Adjusting Entry Prepaid Insurance At January 31, 2022 Cy needs to update his accounts before preparing financial statements to review Mookie The Beagle Concierge performance for its first month of operations. Cy has asked for your

FINANCIAL ACCOUNTING
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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kBooks Online unting s Online Sales Expenses and Payroll stments eports Apps: Mac, Windows, ckBooks Online versus sktop F1 F2 ★ Nike Women's Sportswear Essential Terry Shorts & Reviews - Active... Q AA Ę P9.1.1 Adjusting Entry Prepaid Insurance At January 31, 2022 Cy needs to update his accounts before preparing financial statements to review Mookie The Beagle Concierge performance for its first month of operations. Cy has asked for your assistance in preparing the adjusting entries. Mookie The Eleagle Concierge will be using the accrual basis of accounting. In January, Mookie The Beagle Concierge purchased $600 of liability insurance to cover a 3-month period. So at the end of the accounting period on January 31, 1 month of rent had expired @ $200 ($600/3 months = $200 per month). The 2 months of unexpired rent is Prepaid Expenses: Insurance, an asset account with future benefit. Since Mookie The Beagle Concierge recorded the entire $600 as Insurance: Liability Insurance Expense, an adjusting entry is needed to bring accounts up to date at January 31. 1. Complete the following table. Increase or Decisice? Co Ca NECHAT UNEN Ka 2. Plan Adjusting Journal Entry. a. Complete the following to plan the AAA < 511 T MacBook Air FO 195 243 308 466 523 605 607 # S 80 F3 MAY 25 000 000 $ LA F4 % F5 / 624 & > A *x + erge (Cedri... TRANSACTION TYPE Check #tv 9 Co NL deb
Transcribed Image Text:kBooks Online unting s Online Sales Expenses and Payroll stments eports Apps: Mac, Windows, ckBooks Online versus sktop F1 F2 ★ Nike Women's Sportswear Essential Terry Shorts & Reviews - Active... Q AA Ę P9.1.1 Adjusting Entry Prepaid Insurance At January 31, 2022 Cy needs to update his accounts before preparing financial statements to review Mookie The Beagle Concierge performance for its first month of operations. Cy has asked for your assistance in preparing the adjusting entries. Mookie The Eleagle Concierge will be using the accrual basis of accounting. In January, Mookie The Beagle Concierge purchased $600 of liability insurance to cover a 3-month period. So at the end of the accounting period on January 31, 1 month of rent had expired @ $200 ($600/3 months = $200 per month). The 2 months of unexpired rent is Prepaid Expenses: Insurance, an asset account with future benefit. Since Mookie The Beagle Concierge recorded the entire $600 as Insurance: Liability Insurance Expense, an adjusting entry is needed to bring accounts up to date at January 31. 1. Complete the following table. Increase or Decisice? Co Ca NECHAT UNEN Ka 2. Plan Adjusting Journal Entry. a. Complete the following to plan the AAA < 511 T MacBook Air FO 195 243 308 466 523 605 607 # S 80 F3 MAY 25 000 000 $ LA F4 % F5 / 624 & > A *x + erge (Cedri... TRANSACTION TYPE Check #tv 9 Co NL deb
b ck Enter the password for the account "lancherosvalentina@gmail.com". Google requires completing authentication in online.vitalsource.com A Vaccinati... B Pembrok... Computer Accounting with QuickBooks Online Donna Kay Nike Wo... @ Chapter 4 Banking Chapter 5 Customers and Sales ccount Account Type msurance: Liability Insurance Expense Expense Prepaid Expenses: Insurance Asset Chapter 10 QBO Reports Appendix A QBO Apps: Mac, Windows, and Mobile Appendix 8 QuickBooks Online versus 3,348 80 @ esc 1 Q A 2 3 S #3 E Mookie The B Pembrok... B Pembrok... In January, Mookie The Beagle Concierge purchased $600 of liability insurance to cover a 3-month period. So at the end of the accounting period on January 31, 1 month of rent had expired @ $200 ($600/3 months = $200 per month). The 2 months of unexpired rent is Prepaid Expenses: Insurance, an asset account with future benefit. Since Mookie The Beagle Concierge recorded the entire $600 as Insurance: Liability Insurance Expense, an adjusting entry is needed to bring accounts 243 Increase or Decrease? Debit or Credit? Amount $ a. Complete the following to plan the adjusting journal entry to enter in QBO 523 Jou Entry MacBook Air F6 F7 F3 D 605 MAY 25 $ 4 607 were - F4 R F % 5 F5 T ||| d G ^ Y & 7 H QAA F B Pembrok... U $ * 00 ➤II 8 J F8 L 1 0 + ION TYPE ctv 9 K F9 NUN debit O 0
Transcribed Image Text:b ck Enter the password for the account "lancherosvalentina@gmail.com". Google requires completing authentication in online.vitalsource.com A Vaccinati... B Pembrok... Computer Accounting with QuickBooks Online Donna Kay Nike Wo... @ Chapter 4 Banking Chapter 5 Customers and Sales ccount Account Type msurance: Liability Insurance Expense Expense Prepaid Expenses: Insurance Asset Chapter 10 QBO Reports Appendix A QBO Apps: Mac, Windows, and Mobile Appendix 8 QuickBooks Online versus 3,348 80 @ esc 1 Q A 2 3 S #3 E Mookie The B Pembrok... B Pembrok... In January, Mookie The Beagle Concierge purchased $600 of liability insurance to cover a 3-month period. So at the end of the accounting period on January 31, 1 month of rent had expired @ $200 ($600/3 months = $200 per month). The 2 months of unexpired rent is Prepaid Expenses: Insurance, an asset account with future benefit. Since Mookie The Beagle Concierge recorded the entire $600 as Insurance: Liability Insurance Expense, an adjusting entry is needed to bring accounts 243 Increase or Decrease? Debit or Credit? Amount $ a. Complete the following to plan the adjusting journal entry to enter in QBO 523 Jou Entry MacBook Air F6 F7 F3 D 605 MAY 25 $ 4 607 were - F4 R F % 5 F5 T ||| d G ^ Y & 7 H QAA F B Pembrok... U $ * 00 ➤II 8 J F8 L 1 0 + ION TYPE ctv 9 K F9 NUN debit O 0
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