Classify each account and State the normal ending balance • Prepaid Insurance • Selling Expenses •...

Classify each account and State the normal ending balance

• Prepaid Insurance

• Selling Expenses

• Sales Revenue

• Accounts Receivable

• Accounts Payable

• Retained Earnings

• Land

• Unearned Rent

• Building and Equipment

• Interest Payable

• Inventory

• Income Tax Payable

Income Tax Expense
Cash
Notes payable
Accumulated Depreciation
Common Stock
Administrative Expenses
Dividends
Cost of Goods Sold
Rent Revenue
Salaries Payable
Allowance for Doubtful Accounts
Additional Paid-in Capital

Expert Solution

ekkarill92 answered 2 years ago

The Prepaid Insurance account has a normal balance of $5,625 at the beginning of the month....

The Prepaid Insurance account has a normal balance of $5,625 at the beginning of the month. The company used $1,470 of insurance coverage during the month. Which of the following statements is correct? The company should credit Insurance Expense for $1,470 and debit Prepaid Insurance for $1,470. Retained earnings will decrease and stockholders' equity will increase. The company should debit Insurance Expense for $1,470 and credit Prepaid Insurance for $1,470. Retained earnings and stockholders' equity will both increase.

the prepaid balance in the prepaid insurance account represent the remaining balance of two year policy...

the prepaid balance in the prepaid insurance account represent the remaining balance of two year policy purchased in April 2010 trial balance unjusted 31 October 2011 prepaid insurance 9350 the office furniture was purchased in March 1 2010 and has estimated useful life of two years of use it is expected that the furniture will be worthless office furniture October 31 2011 unjusted trial balance 61440 what are the adjustments t for this two transactions

The prepaid insurance account had a balance of $7,000 at the beginning of the year

Adjusting Entries for Prepaid InsuranceThe prepaid insurance account had a balance of $7,000 at the beginning of the year. The account was debited for $24,000 for premiums on policies purchased during the year. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment:a. The amount of unexpired insurance applicable to future periods is $8,500.Insurance ExpensePrepaid Insuranceb. The amount of insurance expired during the year is $22,500.Insurance ExpensePrepaid Insurance

The balance in the prepaid insurance account, before adjustment at the end of the year, is...

The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $20,250. * Insurance expense = $20,250 * Prepaid Insurance = ? b. The amount of unexpired insurance applicable to future periods is $6,750. * Insurance expense = ? * Prepaid Insurance = $20,250

Prepaid and accrued expenses: Determine whether there are any prepaid and/or accrued expenses related to insurance...

Prepaid and accrued expenses: Determine whether there are any prepaid and/or accrued expenses related to insurance and/or wages for the year ending 30 June 2019. If there are any, calculate the amount. Include all workings Insurance: Insurance is now $1,200 per calendar month and is paid in advance on the 21st day of each month. So, for example, GreenEarth pays $1,200 insurance on 21 March 2019 for the period from 22 March 2019 to 21 April 2019. The insurance increased...

Which of the following is the proper adjusting entry, based on a prepaid insurance account balance...

Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $17,192 and unexpired insurance of $2,150, for the fiscal year ending on April 30? a.debit Insurance Expense, $17,192; credit Prepaid Insurance, $17,192 b.debit Insurance Expense, $15,042; credit Prepaid Insurance, $15,042 c.debit Insurance Expense, $2,150; credit Prepaid Insurance, $2,150 d.debit Prepaid Insurance, $15,042; credit Insurance Expense, $15,042

Which of the following is the proper adjusting entry based on a prepaid insurance account balance...

Which of the following is the proper adjusting entry based on a prepaid insurance account balance before adjustment of $12,834 and unexpired insurance of $4,288 for the fiscal year ending on April 30?

The 12/31/17 balance in the prepaid insurance account is composed of the following policies:

The 12/31/17 balance in the prepaid insurance account is composed of the following policies: Coverage Period Amount 1/1/17-12/31/18 $8,368 6/1/17-11/30/18 4,800 12/1/17-5/31/18 2,000Prepare the adjusting journal entry for 12/31/17

On January 1, 2020, the balance in Todd Co's "Prepaid Insurance" account was $3,600. At the...

On January 1, 2020, the balance in Todd Co's "Prepaid Insurance" account was $3,600. At the December 31 year end, the balance was $1,200. In Todd's Cash Flow Statement for the year ended 12/31/2020, the net $2,400 net decrease will be A Subtracted from Net Income in determining net cash provided by operating activities B Reported as a cash inflow from financing activities C Reported as a cash outflow from financing activities D Added to Net Income in determining net...

Directions: Journalize the adjusting entries. Adjustment for Prepaid Insurance The Prepaid Insurance account began the year...

Directions: Journalize the adjusting entries. Adjustment for Prepaid Insurance 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 entry in journal form to record the adjustment for insurance expense for the year. Adjustment for Supplies The Supplies account began the year with a balance of $380. During...

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