8. Ingle Company paid $12,960 for a four-year insurance policy on September 1 and recorded the...

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8. Ingle Company paid $12,960 for a four-year insurance policy on September 1 and recorded the $12,960 as a debit to Prepaid Insurance and a credit to Cash. What adjusting journal entry should Ingle make on December 31, the end of the accounting period? a. Prepaid Insurance Insurance Expense b. Insurance Expense Prepaid Insurance c. Insurance Expense Prepaid Insurance d. Insurance Expense Prepaid Insurance defined by the e. Prepaid Insurance $810 $810 $1,080 $3,240 Insurance Expense $11,880 $810 $810 $1,080 $3,240 $11,880 Chet Company paid $52,800 for a four-year insurance policy on September 1 and recorded the $52,800 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Chet make on December 31, the end of the accounting period (no previous adjustment has been made)? Select one: O a. A) Prepaid Insurance 48,400 Insurance Expense 48,400 O b. A) Insurance Expense 13,200 Prepaid Insurance 13,200 Oc. A) Prepaid Insurance 4,400 Insurance Expense 4,400 Od. A) Insurance Expense 4,400 Prepaid Insurance 4,400 6. Bowser Company sold $1,200,000 worth of merchandise, had $100,000 returned, and then the balance was received during the 2% discount period. What were the company's net sales? A) $1,078,000 B) $ 900,000 C) $1,020,000 D) $ 880,000 7. Using a perpetual inventory system, the seller's journal entry to record the return of non-defective goods from a customer of merchandise sold on account includes a: A) Credit to Sales Returns and Allowances B) Debit to Cost of Goods Sold C) Credit to Inventory D) Debit to Inventory 8. Ingle Company paid $12,960 for a four-year insurance policy on September 1 and recorded the $12,960 as a debit to Prepaid Insurance and a credit to Cash. What adjusting journal entry should Ingle make on December 31, the end of the accounting period? a. Prepaid Insurance Insurance Expense b. Insurance Expense Prepaid Insurance c. Insurance Expense Prepaid Insurance d. Insurance Expense Prepaid Insurance defined by the e. Prepaid Insurance $810 $810 $1,080 $3,240 Insurance Expense $11,880 $810 $810 $1,080 $3,240 $11,880 Chet Company paid $52,800 for a four-year insurance policy on September 1 and recorded the $52,800 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Chet make on December 31, the end of the accounting period (no previous adjustment has been made)? Select one: O a. A) Prepaid Insurance 48,400 Insurance Expense 48,400 O b. A) Insurance Expense 13,200 Prepaid Insurance 13,200 Oc. A) Prepaid Insurance 4,400 Insurance Expense 4,400 Od. A) Insurance Expense 4,400 Prepaid Insurance 4,400 6. Bowser Company sold $1,200,000 worth of merchandise, had $100,000 returned, and then the balance was received during the 2% discount period. What were the company's net sales? A) $1,078,000 B) $ 900,000 C) $1,020,000 D) $ 880,000 7. Using a perpetual inventory system, the seller's journal entry to record the return of non-defective goods from a customer of merchandise sold on account includes a: A) Credit to Sales Returns and Allowances B) Debit to Cost of Goods Sold C) Credit to Inventory D) Debit to Inventory

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