The White Boar Restaurant purchase four-year insurance policy for $6,000 March 1 and recorded it as an asset. June 30 (the end of its fiscal year), th adjusting entry that should be made Insurance expense 1,500 Prepaid insurance 1,500 No entry required. Insurance Expense 125 Prepaid Insu 125 Insurance Expense 500 Prepaid Insurance 500 Prepaid Insurance 500 Insurance Expense 500
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- National insurance company undertakes insurance business for Motor Vehicles. During the year 2020 the company collected insurance premium of RO 6,000. The claim for the accidents pending on 31 Dec was RO 1200. How much amount will be shown under current liabilities in the balance sheet? O a. RO 3000 O b. RO 4000 c. RO 6000 O d. RO 1200Using the box below, prepare Journal entries for the following transactions: 1 On 9/1/17, AFSPA received an invoice of $36,000 for the annual insurance renewal 2 On 9/15/17, cheek is written for # 1 above 3 10/1/17, the monthly amount is expensed for #1 above 4 On 1/4/18, AFSPA received an invoice from Staples in the amount of S3200 5 On 3/5/18 member pays their quarterly dental insurance premium (this is revenue to AFSPA) in the amount of S300 6 On 3/10/18 the check bounces from # 5 above 7 Record the revenue for April #5 above Date DR Account name Cr Account name Dr Cr GL. description (25 characters)The treasurer of Kakeldadi’S Club has presented the following Information to you on 31st December, 2018Cash transactions for the year ended 31st December, 2018 were as followsGH¢ GH¢ Cash -balance (1st January, 2018) 9,300Members’ subscription 26,500Bar Purchases 60,000Bar sales 154,000Additional Information: 1. The insurance covers one and a half years to 30/03/2019. 20% depreciation is charged on cost of fixed asset. 2. Other assets and liabilities were: 01/01/2018 31/12/ 2018GH¢ GH¢Bar inventory 6,800 9,650Owings to bar stock suppliers 6,000 7,750Subscription in arrears 4,000 5,200Subscription received in advance 800 1,000Old Office Equipment 24,000 ------3. The bar keeper who had handled bar sales all for cash had disappeared taking with him some monies. It was not known how much money he had stolen, but all bar sales were sold at a profit margin of 25%. The cash stolen should be credited to Bar Trading Account and debited to the Income and Expenditure Account. 4. The old office…
- 72. JK Company reported that all insurance premiums paid are debited to prepaid insurance. The entity provided the following information for the current year: 100,000 Prepaid Insurance on January 1 Charge to insurance expense 440,000 Prepaid insurance on December 31 What was the amount of insurance premium paid in the current year? 120,000 a. 340,000 b. 420,000 C. 440,000 d. 460,000Discount Auto Insurance deposited $1800 in a saving account paying 3 1/2 % compounded daily on January 1 and deposited an additional $2300 in the account on March 12. Find the balance of April 1. A $4100.00 B $4120.01 C $4102.01 D $4210.02Fink Insurance collected premiums of $18,300,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $5.0 million to $9.3 million dollars during the year. What is Fink's revenue from insurance premium recognized for the current year? Multiple Choice $9,000,000. $22,600.000. $14,000,000
- Prepaid Insurance amounting to P35,000 was recorded by FDNACCT Co. on April 1, 2021 for a year of fire insurance premium. How much should remain as prepaid insurance on December 31, 2021?On Jan 1, 20X1 received a 3-year interest bearing note collectible in 6 equal semi-annual periods. How will the business present the notes receivable at Dec 31, 20X1? Non current asset Current asset Current and Non current assets Contra asset accountThe following information is available for Jasmine Company Supplies – 3500 Prepaid Insurance – 12000 Unearned Revenue – 17800 Notes Payable – 20000 Additional Information Supplies worth 5000 were purchased throughout the year .At the end of the year 1200 worth of supplies remain on hand. Notes payable was signed on April 1 st and with 2 years maturity period and 10 %interest rate. 3500 of the unearned revenue has been earned . A 2 years Insurance was purchased on Sep 1 st . PREPARE ADJUSTMENT ENTRIES ON DECEMBER 31
- HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. spent $1,400 to repair products in part "a." which were under warranty. b. You с. On December 31, 2021, you estimated that there would be an additional $8,000 of repairs on products in part "a." You estimated that $5.000 of the repairs would occur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 d. e. would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur in 2023. II. Based upon the transaction above, determine the amount of current…Current Liabilities 47 10. Jim Company offers three payment plans on its 12-month contracts: Information on the three plans and the number of children enrolled in each plan for September 1, 2005 through August 31, 2006 contract year follows: Initial payment per Monthly fees per No. of Plan child child children #1 500 15 # 2 200 30 12 # 3 50 9. 36 Jim received all the initial payments on September 1, 2005 and P3,240 of monthly fees during the period September 1 through December 31, 2005. In its December 31, 2005 balance sheet, what amount should Jim report as deferred revenue? а. 3,300 b. 4,380 c. 6,600 d. 9,900 (AICPA) 11. Motor Co. sells service contracts that cover a 2-year period. The sale price of each contract is P2,000. Motor Co. sold 1,000 contracts evenly throughout 20x1. Based on Motor Co.'s past experience, 40% of contracts sold are earned in the first year of the contract and 60% in the second year. Approximately, how much are the current and noncurrent portions of the…HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. You spent $1,400 to repair products in part "a." which were under warranty. On December 31, 2021, you estimated that there would be an additional $8,000 of b. с. repairs on products in part "a." You estimated that $5,000 of the repairs would оссur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur d. е. in 2023. II. Based upon the transaction above, determine the amount of current…