The following additional information is available at the December 31 2020 year end. A) insurance expense represent a 3 year insurance policy for the period from Jan 1 2020 to Dec 31 2022. B) a count of office supplies reveals that at Dec 31 2020, the company had $500 of offiice supplies on hand. C) the company's lease, signed on Jan 1 2020, specifies monthly rent of $4,000 or $48,000 a year. D) The December 2020 utility bill has not yet been received and is not included in the trial balance. The utility bill averages $400 a month. Using the information above, find the balances in the following account balances, after adjustment at dec31 2020: prepaid insurance Office supplies expense Prepaid rent Utilities expense
The following additional information is available at the December 31 2020 year end. A) insurance expense represent a 3 year insurance policy for the period from Jan 1 2020 to Dec 31 2022. B) a count of office supplies reveals that at Dec 31 2020, the company had $500 of offiice supplies on hand. C) the company's lease, signed on Jan 1 2020, specifies monthly rent of $4,000 or $48,000 a year. D) The December 2020 utility bill has not yet been received and is not included in the trial balance. The utility bill averages $400 a month. Using the information above, find the balances in the following account balances, after adjustment at dec31 2020: prepaid insurance Office supplies expense Prepaid rent Utilities expense
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following additional information is available at the December 31 2020 year end.
A) insurance expense represent a 3 year insurance policy for the period from Jan 1 2020 to Dec 31 2022.
B) a count of office supplies reveals that at Dec 31 2020, the company had $500 of offiice supplies on hand.
C) the company's lease, signed on Jan 1 2020, specifies monthly rent of $4,000 or $48,000 a year.
D) The December 2020 utility bill has not yet been received and is not included in the trial balance . The utility bill averages $400 a month.
Using the information above, find the balances in the following account balances, after adjustment at dec31 2020:
prepaid insurance
Office supplies expense
Prepaid rent
Utilities expense
Transcribed Image Text:Required information
The partial unadjusted trial balance of Erif Corporation at December 31, 2020 follows.
All accounts have normal balances.
Insurance Expense
Office Supplies
Rent Expense
Utilities Expense
36,000
6.200
44.000
3.850
The following additional information is available at the December 31, 2020 year end:
a. Insurance expense represents a 3-year insurance policy for the period from
January 1, 2020 to December 31, 2022, b. A count of office supplies reveals that at
December 31, 2020 the company had $500 of office supplies on hand. c. The
company's lease, signed on January 1, 2020 specifies monthly rent of $4,000, or
$48,000 a year. d. The December 2020 utility bill has not yet been received and is
not included in the trial balance. The utility bil averages $400 a month. Required -
Using the information above, find the balances in the following account balances,
after adjustment, at December 31, 2020:
Prepaid Insurance
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education