Mrs. Gupta purchased insurance in advance for $2,400 for 12 months. Record adjusting entry for insurance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mrs. Gupta purchased insurance in advance for $2,400 for 12 months. Record adjusting entry for insurance expiration at end of 7 months: A) Debit Prepaid Insurance $2,400; Insurance Expense $2,400 B) Debit Prepaid Insurance $1,000; Insurance Expense $1,000 C) Debit Insurance expense $1,400; Credit Prepaid Insurance $1,400 D) Debit Prepaid Insurance $1,400; Credit Insurance Expense $1,400 O A. Debit Prepaid Insurance $2,400; Insurance Expense $2,400 O B. Debit Prepaid Insurance $1,000; Insurance Expense $1,000 O C. Debit Insurance expense $1,400 ; Credit Prepaid Insurance $1,400 O D. Debit Prepaid Insurance $1,400; Credit Insurance Expense $1,400 Mrs. Gupta purchased insurance in advance for $2,400 for 12 months. Record adjusting entry for insurance expiration at end of 7 months: A) Debit Prepaid Insurance $2,400; Insurance Expense $2,400 B) Debit Prepaid Insurance $1,000; Insurance Expense $1,000 C) Debit Insurance expense $1,400; Credit Prepaid Insurance $1,400 D) Debit Prepaid Insurance $1,400; Credit Insurance Expense $1,400 O A. Debit Prepaid Insurance $2,400; Insurance Expense $2,400 O B. Debit Prepaid Insurance $1,000; Insurance Expense $1,000 O C. Debit Insurance expense $1,400 ; Credit Prepaid Insurance $1,400 O D. Debit Prepaid Insurance $1,400; Credit Insurance Expense $1,400
Expert Answer:
Answer rating: 100% (QA)
Answer Option D Debit prepaid insurance 1400 Credit insurance expenses ... View the full answer
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
Posted Date:
Students also viewed these accounting questions
-
Determine the magnitude F and direction (measured clockwise from the positive y-axis which is downward in this case) that will cause the resultant R of the four applied forces to be directed to the...
-
Multiple Choice (2 points each) Circle the best answer to each of the following questions. 1. If a company makes a journal entry that records a debit to "Rent Expense," that journal entry also could...
-
What is the correct answer (with the appropriate number of significant figures) for the calculation of 7.5+ 2.26 + 1.311+ 2? 13 13.071 10 13.0
-
6 Question 9 of 11 View Policies Cash Receivables Inventories Current Attempt in Progress On January 1, 2024, Novak Company acquired all the assets and assumed all the liabilities of Crane Company...
-
In accounting for mutual ownerships, what is the treasury stock approach?
-
The manager of the main laboratory facility at CenterHealth Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies...
-
Most balance sheets are defined as classified balance sheets in that both the assets and liabilities are dichotomized into the categories of current and noncurrent. [In those industries in which the...
-
Calvin Jacobs is a widower who recently retired after a long career with a major Midwestern manufacturer. Beginning as a skilled craftsman, he worked his way up to the level of shop supervisor over a...
-
Project 1 You are the new General Manager for the ANIBT Hotel in Dockland. You have identified a number of issues in this restaurant that you need to address. Rather than resolving everything...
-
Crane Construction's manufacturing costs for August when production was 1,240 units are as follows: Direct material Direct labor Variable overhead Factory depreciation Factory supervisory salaries...
-
Given (3x + 2): The term with a is:
-
The table below shows the summary for weights of 9 people before a diet program and after. The weight lost by each person was also recorded and summarized in the table below. mean standard deviation...
-
. A 75 kg bobsled is pushed along a horizontal surface by two athletes. After the bobsled is pushed a distance of 4.5 m starting from rest, its speed is 6.0 m/sec. What is the initial kinetic energy...
-
What kind of transformation converts the graph of f(x)=7x-1 into the graph of g(x)=-7x+1 ? vertical stretch reflection across the y-axis vertical shrink reflection across the x-axis
-
we have two consumers Ava and Ben, this time with preferences: UA = min(2x, x2) and U = x + x Total endowments are E E = 10. The initial endowment is at ef = e = 4, ef = e = 6 a. Draw the Edgeworth...
-
Determine the price of a $1.8 million bond issue under each of the following independent assumptions: Maturity 17 years, interest paid annually, stated rate 10%, effective (market) rate 12%. Maturity...
-
Experiment 6: Pre-Lab Exercises Name Laboratory Instructor . A. Date Lab Day & Time Rite A Balanced Equation For The Reaction That Occurs When An Aqueous Solution Of Iron (II) Chloride Is Mixed With...
-
Suppose you need to answer any four of seven essay questions on a history test and you can answer them in any order. a. How many different question combinations are possible? b. What is the...
-
Allocating to solve a timing problem Stevens Air is a large airline company that pays a customer relations representative $4,000 per month. The representative, who processed 1,000 customer complaints...
-
Evaluating simultaneous changes in fixed and variable costs Kasmira Company currently produces and sells 10,000 units of a telephone per year that has a variable cost of $13 per unit and a fixed cost...
-
Mendez Company manufactures a product that has a variable cost of $30 per unit. The companys fixed costs total $750,000. Mendez had net income of $90,000 in the previous year. Its product sells for...
-
Let \(\boldsymbol{X}:=\left[X_{1} \ldots, X_{n} ight]^{\top}\) and \(\boldsymbol{\mu}:=\left[\mu_{1}, \ldots \mu_{n} ight]^{\top}\). In the fundamental Theorem C.9, we use the fact that if \(X_{i}...
-
Prove that if we add an additional feature to the general linear model, then \(R^{2}\), the coefficient of determination, is necessarily non-decreasing in value and hence cannot be used to compare...
-
Carry out a logistic regression analysis on a (partial) wine data set classification problem. The data can be loaded using the following code. The model matrix has three features, including the...
Study smarter with the SolutionInn App