Which of the following is NOT an example of an assest? Unused Supplies Truck Prepaid insurance...

Which of the following is NOT an example of an assest?

Unused Supplies

Truck

Prepaid insurance

Common Stock

Expert Solution

ekkarill92 answered 2 years ago

Which one of the following accounts is closed at year-end? Multiple Choice Prepaid insurance Office supplies...

Which one of the following accounts is closed at year-end? Multiple Choice Prepaid insurance Office supplies expense Accumulated Depreciation Unearned revenue

Which of the following is an example of an accural error? a. failure to adjust Prepaid...

Which of the following is an example of an accural error? a. failure to adjust Prepaid insurance to its proper balance at year end b. failure to adjust Inventory to its proper balance at year end c. failure to record depreciation at year end d. none of the above Please explain how you got the answer. October 1, 2011, MarCo signs a one-year, 8% note payable for $10,000 with principle and interest due on Oct 1, 2012. It is Marco's...

Transactions: 1. Prepaid insurance of $645 has expired. 2. Supplies on hand at the end of...

Transactions: 1. Prepaid insurance of $645 has expired. 2. Supplies on hand at the end of the year total $1,525. The unadjusted balance was $2,700. 3. Monthly depreciation on equipment is $500. 4. Unearned revenue of $425 has now been earned by providing services. 5. Salaries for the month of $1,850 have not been paid. 6. The utility bill for $335 was received on the last day of the month and is unpaid. 7. Services provided but not collected in...

solution part 1: 1 a. Insurance expense 2,807 Prepaid insurance 2,807 2 b. Teaching supplies...

solution part 1: 1 a. Insurance expense 2,807 Prepaid insurance 2,807 2 b. Teaching supplies expense 2,433 Teaching supplies 2,433 3 c. Depreciation expense—Equipment 11,227 Accumulated depreciation—Equipment 11,277 4 d. Depreciation expense—Professional library 5,614 Accumulated depreciation—Professional library 5,614 5 e. Unearned training fees 2,700 Training fees earned 2,700 6 f. Accounts receivable 2,819 Tuition fees earned 2,819 7 g. Salaries expense 100 Salaries payable 100 8 h. Rent expense 2,097 Prepaid rent 2,097 solution part 2: (Are you...

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?

Which of the following statements related to the balance sheet account ‘Prepaid Insurance’ are correct? Select...

Which of the following statements related to the balance sheet account ‘Prepaid Insurance’ are correct? Select as many as you think are true. Select one or more: Current tax liability will be higher if more insurance is paid in advance than expensed during the year. 1.Balance day adjustments recognise the amount of prepaid insurance paid during the period. 2.Represents a tax asset in the future. 3.If no insurance is paid in a period, there is no tax deduction. 4.Represents a...

which of the following would not be prepaid expense? a. equipment rental b. insurance c. office...

which of the following would not be prepaid expense? a. equipment rental b. insurance c. office suppies d. none of the above

Which of the following are classified in long term assets? Goodwill Prepaid Insurance Allowance for Bad...

Which of the following are classified in long term assets? Goodwill Prepaid Insurance Allowance for Bad Debts Available-for-sale Securities

An increase in prepaid insurance indicates that

1An increase in prepaid insurance indicates thatainsurance expense for the period exceeded insurance paidbinsurance expense and insurance paid were equalcno insurance expense was recorded during the perioddinsurance paid during the period exceeded insurance expense2Which of the following payroll-related items is paid only by the employee?aState unemployment taxbFederal unemployment tax cUnion duesdFICA tax

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