ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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on the president. The policy year and accounting year coincide.
Marital Company has a P5,000,000 ordinary life insurance policy
The entity provided the following data for the year ended
December 31, 2020:
Cash surrender value, January 1
Cash surrender value, December 31
Annual advance premium paid-January 1
Dividend received -July 1
245,000
270,000
100,000
15,000
The entity is the beneficiary under the life insurance polie
The insured died on January 2, 2021, after the payment of
annual premium of P100,000 on January 1, 2021.
What is the life insurance expense for 2020?
Sam is a small business owner. In the year ended at the 30th of June 2019 the business has the below information:
Beginning of Sam’s Capital account: $55,000
Net Income: $32,000
Outstanding Note Payable: $150,000
Total Expenses: $125,000
Ending of Sam’s Capital account: $54,000
Amounts withdrawn by Sam during 2019 will be:
Select one:
a. $33,000
b. $31,000
c. $23,000
d. $25,000
Riverrun Company provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $29,500 for
medical insurance and contribute an additional $9,600 to a retirement program. Record the entry for these accrued (but unpaid)
benefits on December 31.
View transaction list
Journal entry worksheet
1
Record the costs of employee benefits.
Note: Enter debits before credits.
Date
December
31
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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