Assume the balance in Prepaid Insurance is $2,500, but it should be $1,500. The adjusting journal entry
Question:
Assume the balance in Prepaid Insurance is $2,500, but it should be $1,500. The adjusting journal entry should include which of the following?
a. Debit to Prepaid Insurance for $1,000
b. Credit to Insurance Expense for $1,000
c. Debit to Insurance Expense for $1,000
d. Debit to Insurance Expense for $1,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (4 reviews)
An increase in the expense insurance expense would be r...View the full answer
Answered By
Muhammad Imtiaz Rasool
Teaching profession brings with it lots of duties and challenges.
When I completed my Bachelor's Degree. So I entered this profession.
I am in this profession of teaching in a School for about 2 years. Every time whenever I am going to teach a class as a part of this noble profession .I am learning also. I am trying consistently ....how to represent, interpret, summarize and rethink about the whole concept I wish to teach or rather inspire my students in a specific period of time assigned to me.
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
Question Posted:
Students also viewed these Business questions
-
The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry,...
-
Assume the balance in the Retained Earnings account at January 1, 2019 is zero, and no dividends are declared in 2019. Ma debit balance of $12.000 exists in Retained Earnings after closing out...
-
Retained earnings in a corporation include which of the following types of transactions: a. Profits (losses) and issuance of shares b. Profits (losses) and dividends c. Profits (losses) and...
-
Strike Bowling installs automatic scorekeeping equipment with an invoice cost of $180,000. The electrical work required for the installation costs $8,000. Additional costs are $3,000 for delivery and...
-
Two hydraulic piston/cylinders are connected with a line. The master cylinder has an area of 5 cm2 creating a pressure of 1000 kPa. The slave cylinder has an area of 3 cm2. If 25 J is the work input...
-
Look back in the chapter to Table, which showed the balance sheets for Argile Textiles on three different dates. Argiles sales fluctuate during the year due to the seasonal nature of its business;...
-
You throw a ball straight up. Draw a free-body diagram for the ball (a) while it is still touching your hand and is accelerating upward, (b) at its highest point, (c) on the way back down.
-
University of Florida football programs are printed 1 week prior to each home game. Attendance averages 90,000 screaming and loyal Gators fans, of whom two-thirds usually buy the program, following a...
-
The atomic number of element M, N, R, and T are 1, 8, 12 and 14 respectively. The element which can form ions by either losing or gaining electron(s) is M 11. A. B. N C R D. T 12. The atomic number...
-
Kat Ltd.s September balance sheet contains the following information: Cash.............................................................................$ 37,500 (dr) Accounts...
-
Company A has owned a building for several years. Which of the following statements regarding depreciation is false from an accounting perspective? a. Depreciation Expense for the year will equal...
-
Assume a company receives a bill for $10,000 for advertising done during the current year. If this bill is not yet recorded at the end of the year, what will the adjusting journal entry include? a....
-
At December 31, 2016, Sugarland Company reported the following on its comparative balance sheet, which included 2015 amounts for comparison (adapted, with all amounts in millions except par value per...
-
A chemical company has developed a new lightweight, high-strength plastic. The company is planning to spend $20 million for a manufacturing plant in order to begin full-scale production. As a result,...
-
3 Mark Matthews Home Remodeling records adjusting entries once a year, on December 31. The information below was gathered to help record adjusting entries. 01:56:50 1. A $1,740 payment for one year...
-
What is Government Procurement Reform Act (RA 9184) and what does it entail? What is the role of a civil engineer in the procurement or bidding? Why is the Government Procurement Reform Act (RA 9184)...
-
An engineer has accumulated $300,000 in a retirement plan and is now considering an early retirement. To do so, the engineer plans to withdraw a fixed amount of money at the end of each year for 20...
-
why is stakeholder analysis so important in change management? When involving stakeholders, Fundamental strategic change requires direct and continuous involvement of the executive level of the...
-
According to definition (2), Sec. 38, of definite integrals of complex-valued functions of a real variable, Evaluate the two integrals on the right here by evaluating the single integral on the left...
-
Problem 2. (0.6 points, 0.2 points for each question) (a) A company turns its inventory 2 times a month. Its months-of-supply = Its days-of-supply = Please show your analysis below: _months. days. (1...
-
Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $ 10,000 in the company and, in turn, was issued 8,000 shares of common stock. To date, they are the only...
-
Athletic Performance Company (APC) was incorporated as a private company. The companys accounts included the following at July 1: During the month of July, the company had the following activities:...
-
Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: During the year, the company had the following summarized activities: a. Purchased equipment...
-
8. A straight section of railroad track crosses two highways 400 m and 600 m from an intersection. Find the dimensions of the largest rectangular lot that can be laid out in the triangle formed by...
-
4. (50 points) The goal of this simulation study is to study the relative performance of uniform search, golden section search, and parabolic interpolation (algorithms 1-3 from class notes). Fix m...
-
Q5. With reference to Fig 5, the following values are given: E-20V, R-2k2, R: 10k2, R, 20ks Calculate: (i) the equivalent resistance of the circuit (Req) (5%) (ii) the current through RI (IRI) (iii)...
Study smarter with the SolutionInn App