The senior accountant for Koo Graphics discovered that the companys accounting clerk had a different method of recording the purchase of an automobile insurance. Specifically, when oneyear policies were purchased on July the clerk debited Insurance Expense $ and credited Bank $

Has the clerk done anything seriously wrong? Explain? marks

Using taccounts in the template to calculate the December yearend adjustment for insurance. Journalize the adjusting entry. marks

For all questions where calculations are made you must show all your work. During the first year of operation, Aztec Computers purchased the following insurance policy:

Company

Policy Date

Term

Premium

National

March

year

$

Calculate the prepaid insurance at the end of mark

Calculate the insurance expense for mark

Give the adjusting entry for insurance used in marks

During the second year of operation, Aztec Computers purchased the additional insurance policies shown below

Company

Policy Date

Term

Premium

National

March

year

$

Regal

September

year

$

Standard

November

year

$

What is the balance in the Prepaid Insurance account at the end of before any adjusting entry? mark

Calculate the value of the prepaid insurance at the end of marks

What is the insurance expense for mark

Give the adjusting entry for insurance used in marks

The worksheet for J Soo and Associates is located in the provided template with the trial balance figures already entered

Using the additional information below, complete the eightcolumn worksheet in the template marks

Journalize the adjusting entries in the general journal marks

Additional Information

The value of the supplies on hand at the yearend was $

The prepaid insurance at the yearend was calculated to be $

Latearriving invoices are recorded as

Car Expense$

Miscellaneous Expense$