College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 5, Problem 7SEB
ANALY SIS OF
- 1. Amount of insurance expired (used) is $830.
- 2. Amount of unexpired (remaining) insurance is $340.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Proper adjusting entry based on prepaid insurance account balance before adjustment $18650 and unexpired amounts per analysis of policies of $5990
gnment/takeAssignmentMain.do/
Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $13,187 and unexpired insurance
of $4,938, for the fiscal year ending on April 30?
O debit Prepaid Insurance, $8,249; credit Insurance Expense, $8,249
O debit Insurance Expense, $13,187; credit Prepaid Insurance, $13,187
O debit Prepaid Insurance, $13,187; credit Insurance Expense, $13,187
O debit Insurance Expense, $8,249; credit Prepaid Insurance, S8,249
Previous
Next
明
837 PM
38
(?^
3/8/2021
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
Chapter 5 Solutions
College Accounting, Chapters 1-27
Ch. 5 - The matching principle in accounting requires the...Ch. 5 - Prob. 2TFCh. 5 - LO1 As part of the adjustment of supplies, an...Ch. 5 - LO1 Depreciable cost is the difference between the...Ch. 5 - LO1 The purpose of depreciation is to record the...Ch. 5 - LO1 The purpose of depreciation is to (a) spread...Ch. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - The first step in preparing a work sheet is to (a)...
Ch. 5 - On December 31, the trial balance indicates that...Ch. 5 - LO2 When posting adjusting entries to the general...Ch. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - LO5 Using the following partial work sheet...Ch. 5 - Prob. 6CECh. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - What is an assets depreciable cost?Ch. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Identify the five major column headings on a work...Ch. 5 - List the five steps taken in preparing a work...Ch. 5 - Prob. 14RQCh. 5 - Explain when revenues are recorded under the cash...Ch. 5 - Prob. 16RQCh. 5 - ADJUSTMENT FOR SUPPLIES On December 31, the trial...Ch. 5 - Prob. 2SEACh. 5 - ADJUSTMENT FOR WAGES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On December...Ch. 5 - CALCULATION OF BOOK VALUE On June 1, 20--, a...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - Prob. 7SEACh. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - Prob. 11SEACh. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - Prob. 17SPACh. 5 - ADJUSTMENT FOR SUPPLIES On July 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On July 1, a six-month...Ch. 5 - ADJUSTMENT FOR WAGES On July 31, the trial balance...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1,...Ch. 5 - CALCULATION OF BOOK VALUE On January 1, 20--, a...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - Prob. 12SEBCh. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - Prob. 14SPBCh. 5 - Prob. 15SPBCh. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - Delia Alvarez, owner of Delias Lawn Service, wants...Ch. 5 - Prob. 1MPCh. 5 - Prob. 1CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $19,058 and unexpired insurance of $6,169, for the fiscal year ending on April 30? Oa. debit Prepaid Insurance, $12,889; credit Insurance Expense, $12,889 Ob. debit Prepaid Insurance, S19,058; credit Insurance Expense, $19,058 Oc. debit Insurance Expense, S19,058; credit Prepaid Insurance, $19,058 Od. debit Insurance Expense, $12,889; credit Prepaid Insurance, $12,889arrow_forwardWhich of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $13,651 and unexpired insurance of $4,889, for the fiscal year ending on April 30?arrow_forwardWhat is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18630, and unexpired amounts per analysis of policies of $6110? A) Debit Insurance Expense, $18630; Credit Prepaid Insurance, $18630. B) Debit Insurance Expense, $12520; Credit Prepaid Insurance, $12520. C) Debit Prepaid Insurance, $12520; Credit Insurance Expense, $12520. D) Debit Insurance Expense, $6110; Credit Prepaid Insurance, $6110.arrow_forward
- Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance Premiumsarrow_forwardWhat 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.arrow_forwardWhat is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18650, and unexpired amounts per analysis of policies of $5990? Debit Prepaid Insurance, $12660; Credit Insurance Expense, $12660. Debit Insurance Expense, $12660; Credit Prepaid Insurance, $12660. Debit Insurance Expense, $5990; Credit Prepaid Insurance, $5990. Debit Insurance Expense, $18650; Credit Prepaid Insurance, $18650.arrow_forward
- Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $12,822 and unexpired insurance of $2,368, for the fiscal year ending on April 30? Oa. debit Insurance Expense, $2,368; credit Prepaid Insurance, $2,368 Ob. debit Insurance Expense, $12,822; credit Prepaid Insurance, $12,822 Oc. debit Prepaid Insurance, $10,454; credit Insurance Expense, $10,454 Od. debit Insurance Expense, $10,454; credit Prepaid Insurance, $10,454arrow_forwardUnexpired insurance is $1,000 , how do I put that into adjustments and adjusted trial balance ?arrow_forwardWhich 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, $11,937arrow_forward
- 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 insurancearrow_forwardWhich of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,337 and unexpired insurance of $5,149, for the fiscal year ending on April 30? a.) debit Prepaid Insurance, $9,188; credit Insurance Expense, $9,188 b.) debit Prepaid Insurance, $14,337; credit Insurance Expense, $14,337 c.) debit Insurance Expense, $9,188; credit Prepaid Insurance, $9,188 d.) debit Insurance Expense, $14,337; credit Prepaid Insurance, $14,337arrow_forwardThe 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 entryarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY