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Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2024, balances in these accounts were $0, $0, $86,000, and $76,000, respectively. 3-a. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2024, and December 31, 2025. 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2024, and December 31, 2025. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for insurance used during the year (the company purchased a three year insurance policy for $34,200 on January 2, 2024). Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit 7

Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2024, balances in these accounts were $0, $0, $86,000, and $76,000, respectively. 3-a. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2024, and December 31, 2025. 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2024, and December 31, 2025. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for insurance used during the year (the company purchased a three year insurance policy for $34,200 on January 2, 2024). Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit 7

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 3MCQ
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Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2024, balances in these accounts were $0, $0, $86,000, and $76,000, respectively. 3-a. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2024, and December 31, 2025. 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2024, and December 31, 2025. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for insurance used during the year (the company purchased a three year insurance policy for $34,200 on January 2, 2024). Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit 7
Transcribed Image Text:Required: 1. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. 2. Prepare the T-accounts for Prepaid Insurance, Insurance Expense, Cash, and Retained Earnings. Assume the January 2, 2024, balances in these accounts were $0, $0, $86,000, and $76,000, respectively. 3-a. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the balance sheet prepared on December 31, 2024, and December 31, 2025. 3-b. Given only the entries for insurance, indicate what amounts would be reported for each of these accounts on the income statement prepared on December 31, 2024, and December 31, 2025. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3a Req 3b Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2024, December 31, 2024, and December 31, 2025. Note: If no entry is required for a transaction or event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 Record the adjusting entry for insurance used during the year (the company purchased a three year insurance policy for $34,200 on January 2, 2024). Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit 7
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