Which of the following adjusting entries prepared on December 31, 2021 (without amounts and explanations) would you choose to reverse on January 1, 2022? O Dr Interest receivable; Cr Interest income O Dr Unearned service income; Cr Service income O Dr Doubtful Accounts; Cr Allowance for doubtful accounts O Dr Insurance Expense; Cr Prepaid insurance

Which of the following adjusting entries prepared on December 31, 2021 (without amounts and explanations) would you choose to reverse on January 1, 2022? O Dr Interest receivable; Cr Interest income O Dr Unearned service income; Cr Service income O Dr Doubtful Accounts; Cr Allowance for doubtful accounts O Dr Insurance Expense; Cr Prepaid insurance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Journal entry to update the accounts for prepaid insurance that has expired is which of the following types of adjusting entries? Multiple Choice O O Prepaid item Unearned Revenue Accrued Expense Accrued Revenue Not an adjusting entry
DO not give answer in image
Which of the following types of adjusting entries would result in a decrease in the amount of a one-year insurance policy premium reported on the balance sheet? Select one: O a. Prepaid expense b. Accrued expense C. Accrued revenue d. Unearned revenue
Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $16,741 and unexpired insurance of $4,804, for the fiscal year ending on April 30? a.debit Prepaid Insurance, $11,937; credit Insurance Expense, $11,937 b.debit Insurance Expense, $16,741; credit Prepaid Insurance, $16,741 c.debit Prepaid Insurance, $16,741; credit Insurance Expense, $16,741 d.debit Insurance Expense, $11,937; credit Prepaid Insurance, $11,937
Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? Group of answer choices A. Debit - Retained Earnings, P 25,000; Credit - Rent Income, P 25,000. B. No adjusting entry is necessary C. Debit - Rent Income, P 25,000; Credit - Retained Earnings, P 25,000. D. Debit - Rent Receivable, P 25,000; Credit - Retained Earnings, P 25,000.
What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18680, and unexpired amounts per analysis of policies of $6100? O Debit Insurance Expense, $12580; Credit Prepaid Insurance, $12580. O Debit Insurance Expense, $6100; Credit Prepaid Insurance, $6100. O Debit Insurance Expense, $18680; Credit Prepaid Insurance, $18680. O Debit Prepaid Insurance, $12580; Credit Insurance Expense, $12580.
Under the direct write-off method, uncollectible accounts expense is recognized Multiple Choice O ① in an adjusting entry at the end of the accounting period. when an account is determined to be uncollectible. when the allowance account has a zero balance. in a closing entry at the end of the accounting period.
2. The Otto DeFay Insurance Agency received its license on June 10, 2021. When will the license have to be renewed? Oa. June 10, 2022 Ob. January 1, 2023 OC. June 10, 2023 Od. It will not have to be renewed because agency licenses continue in force until canceled, suspended, or revoked.
.
Answers only
Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,910. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $16,650. If an amount box does not require an entry, leave it blank. b. The amount of unexpired insurance applicable to future periods is $5,260. If an amount box does not require an entry, leave it blank. Σ .