Q1 JE # 1 JE # 2 JE # 3 JE # 4 Business Insurance Annual...
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Q1 JE # 1 JE # 2 JE # 3 JE # 4 Business Insurance Annual Expense Coverage Period Here is the billing schedule of the insurance carrier. Invoice Schedule Invoice Amount Installment 1 Installment 2 Installment 3 Installment 4 $ 12,000.00 04/01/2020 - 03/31/2021 Installment 5 Installment 6 Installment 7 $ $ $ es is en is is $ $ Invoice Date 3,000.00 3/15/2020 1,500.00 4/30/2020 1,500.00 5/31/2020 1,500.00 6/30/2020 1,500.00 7/31/2020 1,500.00 8/31/2020 1,500.00 9/30/2020 $ $ Assume no payment in March 2020 nor in April 2020. What GL account would you use when you record the installment 1 in the AP system? How much is the monthly expense? (Expense amount not payable amount) Do you amortize the expense in March 2020? If so, please prepare a month-end JE. Date GL Account Name Debit Credit Do you amortize the expense in April 2020? If so, please prepare a month-end JE. Date GL Account Name Debit Credit Q1 JE # 1 JE # 2 JE # 3 JE # 4 Business Insurance Annual Expense Coverage Period Here is the billing schedule of the insurance carrier. Invoice Schedule Invoice Amount Installment 1 Installment 2 Installment 3 Installment 4 $ 12,000.00 04/01/2020 - 03/31/2021 Installment 5 Installment 6 Installment 7 $ $ $ es is en is is $ $ Invoice Date 3,000.00 3/15/2020 1,500.00 4/30/2020 1,500.00 5/31/2020 1,500.00 6/30/2020 1,500.00 7/31/2020 1,500.00 8/31/2020 1,500.00 9/30/2020 $ $ Assume no payment in March 2020 nor in April 2020. What GL account would you use when you record the installment 1 in the AP system? How much is the monthly expense? (Expense amount not payable amount) Do you amortize the expense in March 2020? If so, please prepare a month-end JE. Date GL Account Name Debit Credit Do you amortize the expense in April 2020? If so, please prepare a month-end JE. Date GL Account Name Debit Credit
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Answer rating: 100% (QA)
Answer Step 1 A business has obtained an insurance for an annual expense of 12000 The coverage perio... View the full answer
Related Book For
Applied Statistics for Public and Nonprofit Administration
ISBN: 978-1285737232
9th edition
Authors: Kenneth J. Meier, Jeffrey L. Brudney, John Bohte
Posted Date:
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