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

Expert Solution

ekkarill92 answered 2 years ago

prepaid insurance account has a balance of 9350 remaining in October 31 2011 of two year...

prepaid insurance account has a balance of 9350 remaining in October 31 2011 of two year policy purchased in April 2010 the calculation was like that 9350 /17 550 prepaid insurance for year 550 *12 = 6600 and was the right amount but why they made it that way

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...

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Prepaid $3600 cash for a one-year insurance policy. The account that gets debited is______ . The...

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

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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 balance in Prepaid insurance represents a 24-month policy that went into effect on December...

) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $3,600. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 5-year useful life, and be worth about $11,000 at the end of five years....

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...

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

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