Question: The Prepaid Insurance account began the year with a balance
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 still unexpired was $700. Prepare the year-end journal entry to record the adjustment for insurance expense for the year.
Relevant QuestionsThe 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 $440. Prepare the ...Carlos Company’s accountant makes the assumptions or performs the activities listed below. Tell which of the following concepts of accrual accounting most directly relates to each assumption or action: (a) Periodicity, (b) ...Prepare year-end adjusting entries for each of the following:1. Office Supplies has a balance of $168 on January 1. Purchases debited to Office Supplies during the year amount to $830. A year-end inventory reveals supplies ...At the end of its fiscal year, Berwyn Cleaners’ trial balance is as follows.The following information is also available:a. A study of the company’s insurance policies shows that $680 is unexpired at the end of the ...Scoop Consulting Service’s trial balance on December 31, 2014, is as follows.The following information is also available:a. Ending inventory of office supplies, $564b. Prepaid rent expired, $470c. Depreciation of office ...
Post your question