The Prepaid Insurance account began the year with a balance of $920. During the year, insurance in
Question:
The Prepaid Insurance account began the year with a balance of $920. During the year, insurance in the amount of $2,080 was purchased. AT the end of the year (December 31), the amount of insurance still unexpired was $1,400. Prepare the year-end entry in journal form to record the adjustments for insurance expense for the year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
Dec 31 Insurance Expense 1600 Prepaid Insu...View the full answer
Answered By
Rodrigo Louie Rey
I started tutoring in college and have been doing it for about eight years now. I enjoy it because I love to help others learn and expand their understanding of the world. I thoroughly enjoy the "ah-ha" moments that my students have. Interests I enjoy hiking, kayaking, and spending time with my family and friends. Ideal Study Location I prefer to tutor in a quiet place so that my students can focus on what they are learning.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The Prepaid Insurance account began the year with a balance of $460. During the year, insurance in the amount of $1,040 was purchased. At the end of the year (December 31), the amount of insurance...
-
The Supplies account began the year with a balance of $380. During the year, supplies in the amount of $980 were purchased. At the end of the year (December 31), the inventory of supplies on hand was...
-
The Supplies account began the year with a balance of $760. During the year, supplies in the amount of $1,960 were purchased. AT the end of the year (December 31), the inventory of supplies on hand...
-
Examine the difficulty of adding a proposed lwi.drd, rsl, rs2 (Load With Increment) instruction to MIPS. Interpretation: Reg[rd] = Mem[Reg[rs1] + Reg[rs2]] 1. Which new functional blocks (if any) do...
-
When taxpayers borrow money to buy municipal bonds, are they allowed to deduct interest expense on the loan? Why or why not?
-
b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct...
-
Uniform horizontal sheets of water of 3-mm thickness issue from the slits on the rotating manifold shown in Fig. P12.3. The velocity relative to the arm is a constant \(3 \mathrm{~m} / \mathrm{s}\)...
-
The base plate of an iron has a thickness of L = 7 mm and is made from an aluminum alloy (p = 2800 kg/m 3 c = 900 J/kg K, k = 180 W/m K, = 0.80). An electric resistance heater is attached to the...
-
Q (Fixed) 54 L/Min b = 7.6 cm Data sheet for Sluice Gate and hydraulic jump HG Y1(mm)(1) Y2(mm)(2) Y3(mm)(3) A2(m2)(4) Vact(5) Vtheo(6) Cv(7) Cc(8) Cd(9) Fg(10) Fa(11) 11 189 4 51 13 148 10 54 15 115...
-
Markowis Corporation sells three different models of mosquito zapper. Model A12 sells for $50 and has variable costs of $40. Model B22 sells for $100 and has variable costs of $70. Model C124 sells...
-
Match the concepts of accrual accounting on the right with the assumptions or actions on the left: _______ 1. Assumes expenses should be assigned to the accounting period in which they are used to...
-
The depreciation expense on office equipment for the month of March is $100. This is the third month that the office equipment, which cost $1,900, has been owned. Prepare the adjusting entry in...
-
One of the leading centers of research on GT has been Center for Advanced Studies in Measurement and Assessment at the University of Iowa, where Dr. Robert Brennan has worked for many years. Check...
-
Write context switch code for your favorite CPU.
-
Write a class based on class UnsortedType as a bounded linked implementation. Provide a parameterized constructor that takes the maximum number of items as a parameter. If function PutItem is called...
-
A thin, long, straight wire is surrounded by plastic insulation of radius \(R\) and dielectric constant \(\kappa\) (Figure 26.32). The wire carries a uniform distribution of charge with a positive...
-
Use the method described by Welham and Thompson (1997) to compute the REML likelihood-ratio statistic for comparing the two linear models \[ \mathcal{X}_{0}=\text { species }+ \text { bark }+ \text {...
-
A steam engine of \(100 \mathrm{~kW}\) runs at \(100 \mathrm{rpm}\). The speed of the engine is to be maintained within \(1 \%\) variation in mean speed. The flywheel has a mass of \(2000...
-
Imagine that you and a small team of two to five colleagues are working with a medium-sized retail company that is expanding internationally. Although the headquarters will remain in Columbus, Ohio,...
-
In the figure, two loudspeakers, separated by a distance of d1 = 2.63 m, are in phase. Assume the amplitudes of the sound from the speakers are approximately the same at the position of a listener,...
-
Discuss how accounting standards are set by ICAI in India.
-
Se9. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the perpetual inventory system. In SE2, Assume the following data with...
-
Blue Jeans Shop had net retail sales of $390,000 during the current year. The following additional information was obtained from the companys accounting records: Using the retail method, estimate the...
-
During 2014, Victorias Fashion had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days inventory on hand....
-
Milligan's Backyard Storage Kits, a mail order company, sells a variety of backyard storage unit kits and landscaping decorations to its customers. Although the company makes a profit, David...
-
1. If you think about then Guest Services Essentials class, what do you believe to be the biggest change in your customer service practice? 2. Name and describe two customer service techniques to...
-
Packaging Waste & Recycling UK, 2013('000 tonnes) 2,260 Total Packaging Waste Total Recycled 4,000 3,868 3,459 3,000 2,339 2,000 1,639 1,029 1,000 806 714 462 436 23 0 0 Metal Glass Wood Paper...
Study smarter with the SolutionInn App