Question: Please fill this out and if can explain how these numbers are calculated I am totally lost 5:37 . 43- ii} a 53.abbyvirtual.com ABBOTSFORD ABBOTSFORD

Please fill this out and if can explain how these numbers are calculated I am totally lost

5:37 . 43-" ii} a 53.abbyvirtual.com ABBOTSFORD ABBOTSFORD Virtual School SCHOOL DISTRlCT The following are transactions for ABC Ltd. Indicate which accounts will be debited and credited, and by what amount . Match the letters with the correct answers. Assume adjusting entries are done on December 31. $$ value to Account Account debit to debit to credit 8: credit Date Transaction purchased Jan5 supplies worth (a) (b) (0) $100 for cash purchased Mar10 supplies worth (d) (e) (f) $300 on account purchase a one year insurance policy for $1200 for cash Mar31 (g) (h ) (i) adjusting entry for insurance. Dec31 (j) (k) (I) a physical count reveals that only 50 rth f DecB1 $ \"(0 o _ (m) (n) supplies remain - the adjusting entry must be made Match the questions & answers below this exercise. During its first year of operation, Aztec Computers purchased the following insurance policy. (Use T- Accounts to help you figure out this question!) Company Policy Term Premium Date 20- March 1 National $240 1 year A. Calculate the prepaid insurance at the end of 20- 1 (after adjusting entries). B. Calculate the insurance expense for 20-1. C. Give the adjusting entry for insurance used in 20- 1 . Date Particulars PR Debit Credit Dec (C)a. (C)b. 31 (C)c. (C)d. During its second year of operation, Aztec Computers purchased the additional insurance policies shown below: Policy Company Term Premium Date 20- 7 $ 600 2 National March 1 year September 1 Regal 1 440 1 year November 1 Standard 120 year D. What is the balance in the Prepaid Insurance account at the end of 20-2 before any adjusting entry? (don't forget the prepaid insurance left over from last year!) E. Calculate the value of prepaid insurance at the end of 20-2. F. What is the insurance expense for 20-2? G. Give the adjusting entry for insurance used in 20- 2. Date Particulars PR Debit Credit Dec Ga. (G)b. 31 (G)c. (G)d

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