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Type of ins Starting da Period of ti Total cost Type of ins Starting da Period of t Total cost The company has the ac accounts. The following is a partial accounts you need for th

Type of ins Starting da Period of ti Total cost Type of ins Starting da Period of t Total cost The company has the ac accounts. The following is a partial accounts you need for th

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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on September 1, 2021, Amy's Floral Shop, Inc. paid cash for the following two insurance policies. Insurance Policy #1 Type of insurance coverage Starting date of the insurance coverage Period of time coverage is for Auto and Truck September 1, 2021 3 months Total cost of coverage paid in advance $525 ...... Adjusin Insurance Policy #2 Business Liability Type of insurance coverage Starting date of the insurance coverage September 1, 2021 Period of time coverage is for 4 months Total cost of coverage paid in advance $1,400 ......... The company has the accounting policy that all prepaid assets are initially recorded in asset accounts. The following is a partial list of the accounts in Amy's General Ledger. These are the only accounts you need for this problem. D Cash Prepaid Insurance (asset account) D Insurance Expense Use the forms on Tabs 7-5A and 7-5 B in the Excel workbook Chapter 07 c - Problem 7-1 to
Transcribed Image Text:on September 1, 2021, Amy's Floral Shop, Inc. paid cash for the following two insurance policies. Insurance Policy #1 Type of insurance coverage Starting date of the insurance coverage Period of time coverage is for Auto and Truck September 1, 2021 3 months Total cost of coverage paid in advance $525 ...... Adjusin Insurance Policy #2 Business Liability Type of insurance coverage Starting date of the insurance coverage September 1, 2021 Period of time coverage is for 4 months Total cost of coverage paid in advance $1,400 ......... The company has the accounting policy that all prepaid assets are initially recorded in asset accounts. The following is a partial list of the accounts in Amy's General Ledger. These are the only accounts you need for this problem. D Cash Prepaid Insurance (asset account) D Insurance Expense Use the forms on Tabs 7-5A and 7-5 B in the Excel workbook Chapter 07 c - Problem 7-1 to
Requirement 2 -- Auto and Truck Prepaid Insurance timeline In the boxes above the timeline, indicate the amount of remaining Prepaid Insurance related to the Auto and Truck insurance policy for each date on the timeline. In the boxes below the timeline, indicate the amount of Prepaid Insurance that expires (is used-up) during each of the three months. +Sept. 1 September Sept. 30 +Oct. 31 Nov. 30 October November 介 $175 $175 $175 Month 1 Month 2 Month 3 Requirement 3 -- Business Liability Prepaid Insurance timeline In the boxes above the timeline, indicate the amount of remaining Prepaid Insurance related to the Business Liability insurance policy for each date on the timeline. In the boxes below the timeline, indicate the amount of Prepaid Insurance that expires (is used-up) during each of the four months. +Sept. 1 +Sept. 30 +Oct. 31 +Nov. 30 +Dec. 31 September October November December Month 1 Month 2 Month 3 Month 4 7-1 7-2 A 7-2 B 7-3 A 7-3 B 7-5 A 7-4 A 7-4 B 7-5 B 7-6 7-7 7-8 +) Ready Wyse
Transcribed Image Text:Requirement 2 -- Auto and Truck Prepaid Insurance timeline In the boxes above the timeline, indicate the amount of remaining Prepaid Insurance related to the Auto and Truck insurance policy for each date on the timeline. In the boxes below the timeline, indicate the amount of Prepaid Insurance that expires (is used-up) during each of the three months. +Sept. 1 September Sept. 30 +Oct. 31 Nov. 30 October November 介 $175 $175 $175 Month 1 Month 2 Month 3 Requirement 3 -- Business Liability Prepaid Insurance timeline In the boxes above the timeline, indicate the amount of remaining Prepaid Insurance related to the Business Liability insurance policy for each date on the timeline. In the boxes below the timeline, indicate the amount of Prepaid Insurance that expires (is used-up) during each of the four months. +Sept. 1 +Sept. 30 +Oct. 31 +Nov. 30 +Dec. 31 September October November December Month 1 Month 2 Month 3 Month 4 7-1 7-2 A 7-2 B 7-3 A 7-3 B 7-5 A 7-4 A 7-4 B 7-5 B 7-6 7-7 7-8 +) Ready Wyse
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