Question
In: Accounting
Q1)At December 31, 2019, before any year-end adjustments, Karr Company's Insurance Expense account had a balance...
Q1)At December 31, 2019, before any year-end adjustments, Karr
Company's Insurance Expense account had a balance of $1,450 and its
Prepaid Insurance account had a balance of $3,800. It was
determined that $2,000 of the Prepaid Insurance had expired. The
adjusted balance for Insurance Expense for the year would be:
*
1)$3,000
2)$1,450
3)$4,450
4)None of the above
Q2) A Company purchased a computer system for $3,600 on
January 1, 2018. The company expects to use the computer system for
3 years. It has no salvage value. Yearly depreciation expense on
the asset is: *
1)$0
2)$100
3)$1,200
4)$3,600
Q3)Maple Tree Inc. purchased a 12-month insurance policy on
March 1, 2019 for $900. At December 31, 2019, the adjusting journal
entry to record expiration of this asset will include a: *
1)Debit to Insurance Expense and a credit to Prepaid Insurance
for $750
2)Debit to Prepaid Insurance and a credit to Insurance Expense
for $100
3)Debit to Insurance Expense and a credit to Prepaid Insurance
for $75
4)None of the above
Q4)A Company has performed $500 of CPA services for a client
but has not collected the client as of the end of the accounting
period. What adjusting entry must the company make? *
1)Debit Cash and credit Unearned Revenue $500
2)Debit Accounts Receivable and credit Service Revenue
$50
3)Debit Unearned Revenue and credit Service Revenue $50
4)None of the above
Solutions
ekkarill92 answered 2 years agoRelated Solutions
At December 31, 2018 before any year-end adjustments, the Accounts Receivable balance of Daulat Inc is...
At December
31, 2018 before any year-end adjustments, the Accounts
Receivable balance of Daulat Inc is $300,000. Credit sales for the
2018 are $900,000, and allowance for bad debt has a $10,000
beginning credit balance. Daulat Inc prepares the following aging
schedule for accounts receivable
(age, amount, estimated uncollectible)
0-30 Days
$150,000
1%
31- 60 Days
$100,000
4%
61 -90 Days
$40,000
10%
Over 90 Days
$10,000
40%
1.
Calculate the balance in the allowance for bad debt on December...
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
As of December 31, Plush has not recorded any insurance expense for the year. The only...
As of December 31, Plush has not recorded any insurance expense
for the year. The only insurance policy it owns is the one
purchased on July 10, a three year insurance policy for $72,000
starting on August 1st. Make a general journal entry.
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of
$46,000 at December 31,
2018, the end of Hanson Company's accounting year. Insurance
expense has a $2,000 balance
at the same point in time.
The following policies are in effect at December 31, 2018:
Policy Type Date Acquired Policy Term Total Premium
Paid When Acquired
Liability 1-31-17 2 years $48,000
Auto 6-30-18 2 years . $9,000
Business interruption . 8-1-18 1 year $840
1. Determine the adjusted balance in prepaid insurance...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of
$46,000 at December 31,
2018, the end of Hanson Company's accounting year. Insurance
expense has a $12,000 balance
at the same point in time. The following policies are in effect
at December 31, 2018:
Policy Date Policy Total Premium
Type Acquired Term Paid when acquired
Liability 1-31-17 2 years $48,000
Auto 6-30-18 2 years 9,000
Business interruption 8-1-18 1 year 840
1. Determine the adjusted balance in prepaid insurance at
December...
The prepaid insurance account has an unadjusted balance of $46,000 at December 31, 2018, the end...
The prepaid insurance account has an unadjusted balance of
$46,000 at December 31, 2018, the end of Hanson Company's
accounting year. Insurance expense has an unadjusted $2,000 balance
at the same point in time. Some policies that were in effect have
expired. Some of those were renewed and some were not. The
following policies are in effect at December 31, 2018:
Policy
Date
Policy
Total Premium
Type
Acquired Term Paid
when acquired
Liability
1-31-17
2 years $48,000
Auto
6-30-18 ...
On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of...
On December 31, 2019, the Notes Payable account at
Northwood Manufacturing Company had a balance of $16,000. This
balance represented a three-month, 7.5 percent note issued on
November 1.
On January 2, 2019, Hitech Computer Consultants purchased flash
drives, paper, and other supplies for $5,230 in cash. On December
31, 2019, an inventory of supplies showed that items costing $1,590
were on hand. The Supplies account has a balance of
$5,230.
On September 1, 2019, North Dakota Manufacturing paid a...
Intangibles: Expense and Disclosure Munn Inc. had the following intangible account balance at December 31, 2015:...
Intangibles: Expense and Disclosure
Munn Inc. had the following intangible account balance at
December 31, 2015:
Patent
$168,000
Information relating to Munn's patent and transactions involving
other intangible assets during 2016 includes the following:
The patent was purchased from Grey Company for $192,000 on
January 1, 2014, at which time the remaining legal life was 16
years. On January 1, 2016, Munn determined that the useful life of
the patent was only 8 years from the date of acquisition.
On...
a.)On December 31, 2019, the Notes Receivable account at P. Davis Materials Corporation had a balance...
a.)On December 31, 2019, the Notes
Receivable account at P. Davis Materials Corporation
had a balance of $12,000, which represented a six-month, 12 percent
note received from a customer on October 1.
b. ) During the week ended June 7, 2019, McCormick Media
received $32,000 from customers for subscriptions to its magazine
Modern Business. On December 31, 2019, an analysis of the
Unearned Subscription Revenue account showed that half of
the subscriptions were earned in 2019.
C.) On November 1,...
At December 31, 2019, Bedford Company had a balance of $248,100 in its Accounts Receivable account...
At December 31, 2019, Bedford Company had a balance of $248,100
in its Accounts Receivable account and a credit balance of $900 in
its Allowance for Doubtful Accounts account. Bedford analyzed and
aged its accounts receivable based on the following estimated
uncollectible amounts:
Age of Accounts
Receivables
Balance
Estimated % Uncollectible
Current
$ 130,500
0.6%
31 to 60 day
66,300
2.0%
61 to 90 days
26,700
5.5%
Over 91 days
24,600
21.0%
Total
$248,100
The company bases its provision...
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