On July 1, 2021, Majors Co. buys a three-year insurance policy for $12,750. Majors Co. has a
Question:
On July 1, 2021, Majors Co. buys a three-year insurance policy for $12,750. Majors Co. has a December 31 year end.
a. Journalize the purchase of the insurance policy.
b. Prepare the year-end adjusting entry for the amount of insurance expired.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
a July 1 Prepaid Insurance 12750 Cash 12750 Paid insurance in advance b Monthly cost 12750 36 3...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
Students also viewed these Business questions
-
On July 1, 2017, Majors Co. buys a three-year insurance policy for $12,750. Majors Co. has a December 31 year end. (a) Journalize the purchase of the insurance policy. (b) Prepare the year-end...
-
On July 1, Friler Company purchased a three-year insurance policy by paying $5,400. Prepare journal entries to record the purchase and the related year-end adjusting entry.
-
Stud Muffin Bakery prepares financial statements on an annual basis and has a December 31, 2017 year- end. On July 1, 2017, the bakery purchased a one-year insurance policy for $12,000 cash. The...
-
Establish procedures to guarantee substantiation of claims for allowances. Think about how you would set up a process to ensure employee claims and allowances could be claimed. Write a step by step...
-
For each of the sequence w = {e1, . . . , elast} below, determine whether they are subsequences of the following data sequence: ({A,B}{C,D}{A,B}{C,D}{A,B}{C,D}) subjected to the following timing...
-
In Problems 1-5, perform the indicated matrix operations, if possible, where \[\begin{array}{ll}{[\mathrm{A}]=\left[\begin{array}{rr}1 & 0 \\2 & -1\end{array}ight]} &...
-
Melissa Khan alleges that on May 27, 2004, she entered into a lease and warranty agreement with Riverbank Motors Corporation, Inc. (the Dealership), for a new, 2004 Volkswagen Toureg (the Vehicle),...
-
The Canine Gourmet Company produces delicious dog treats for canines with discriminating tastes. Management wants the box filling Line to be set so that the process average weight per packet is 45...
-
Pioneer Inc. wants to invest $557,302 today. The expected returns in years 1, 2, and 3 are $247,615, $180,383, and $335,481, respectively. If the rate of return on investment must be at least 14%,...
-
2. Prepare any journal entries tnat should be made as a result oT the bank reconcillation. TIP: Remember to make entries only for items that affect the company's books, not the bank. (If no entry is...
-
Kinder Company has the following balances in selected accounts on June 30, 2021, its fiscal year end. Accounts Receivable ................................................. $ 0 Accumulated...
-
Choose a few different types of occupations (e.g., police officer; systems analyst; nurses aide; janitor). a) How would you assess the foreseeability of harm that attaches to each of these different...
-
What quality-related features can a hardness test reasonably ensure?
-
If you happen to be looking at the fi lament of an incandescent light bulb just before it burns out, you might notice that the fi lament glows brighter just before it burns out. Explain these...
-
Describe the process by which the HR department would be able to identify the job requirements for an ideal candidate who would be able to perform effectively in a seniormanagerial role.
-
What powers the alternate system for extending the flaps in a Cessna-182RG? Group of answer choices Manual (Pilot) operation A backup electrical motor There is none; the aircraft can be safely landed...
-
Delegation Video https://www.youtube.com/watch?v=11hP8FOywiY Delegation Discussion What did you learn? what part of delegation is easy or difficult for you? A scholarly resource and explain the idea...
-
A Digital Brand Analysis can help you understand how discoverable you & your content is through search rankings, how engaging your content and experiences are across social platforms or brand...
-
A wave has the following properties: amplitude 5 0.37 m, period = 0.77 s, wave speed = 12 m/s. The wave is traveling in the - x direction. What is the mathematical expression (similar to Equation...
-
For the data in Exercise 17-19, use the FIFO method to summarize total costs to account for, and assign these costs to units completed and transferred out, and to units in ending work in process....
-
The unadjusted trial balance and adjustment data for Edge Sports Repair Shop are presented in P4-4B. Instructions Prepare a work sheet for the year ended September 30, 2017. Taking It Further Is it...
-
The unadjusted trial balance and adjustment data for Nazari Electrical Services are presented in P4-6B. Instructions Prepare a work sheet for the year ended August 31, 2017. Taking It Further Explain...
-
Cypress Company has an October 31 fiscal year end and prepares adjusting entries on an annual basis. The October 31, 2017, trial balance included the following selected accounts: Accumulated...
-
1-2. Draw graphs of the following functions using transformations: 1. y = 2x-1 x-2' 2. y log2x+1|- 3.
-
Assume a simultaneous open market purchase of 100 million from the Bank of England and a repayment of a discount loan of 5 million from Bank A to the Bank of England. Show the overall change in their...
-
Let 1 f(z) = (2-1)(x-2) Find the Laurent expansion of f about z = 0 in the region {ze C: 1
Study smarter with the SolutionInn App