12. Which of the following events would not require a journal entry? a Purchase of a one-year insurance policy? b Agreement to perform a service at a future date. c Performance of a service agreed to be paid on a later date. d Payment for a service performed previously.
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12. Which of the following events would not require a
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- Which of the following entries will be necessary to close the Insurance Expense account at the end of the year? A. debit Income Summary and credit Insurance Expense B. debit Common Stock and credit Insurance Expense C. debit Insurance Expense and credit Common Stock D. debit Insurance Expense and credit Income SummaryWhich of the following does not affect the current liabilities section of the balance sheet? a. Insurance bill to be paid next month b. A probable legal obligation, due within 12 months c. Sale of goods on credit d. Wages owed to employees but not yet paid1. What amount should be reported as allowance for doubtful accounts on December 31, 2019? 2. What amount should be reported as doubtful accounts expense for the current year? Please show solutions along with the answers. Thank you!
- Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance PremiumsIf the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?Which one of the following is example of prepaid expenses? A. Provision for warranty expenses B. Advanced paid to supplier for the purchase of material C. Payment of insurance premium for 3 years.
- Do a journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019. If the insurance was paid on december 10 in the amount of $636 and runs through May 31st. How do I record this in Journal entry?compare the current year balance in prepaid insurance and insurance expense with the prior year's balances considering any changes in operations. You said that you would examine reconciliation of the account and segregation of duties, can you give an example as to why?Under Fierce Company’s accounting system, all insurance premiums paid are charged to insurance expense. Information for the year ended December 31, 2020 is as follows: Prepaid insurance, beg. P150,000 Renewal of insurance charged to expense during the year applicable for the period April 1, 2020-2021 is P500,000. What is the insurance expense using the accrual basis accounting?
- Under ABC Company’s accounting system, all insurance premiums paidare charged to insurance expense. Information for the year endedDECEMBER 31, 2020 is as follows: prepaid insurance, beg. is P150,000;renewal of insurance charged to expense during the year applicable forthe period April 1, 2020 - 2021 is P500,000. What is the insurance expenseusing the accrual basis accounting? A. P275,000B. P500,000C. P525,000D. P650,000E. answer not givenDuring year 13, Quo determined that an insurance premium paid and entirely expensed in year 12 was for the period January 1, year 12 through January 1, year 14.How will this transaction be classified?Which among the following is an example of prepaid expense? a. Insurance paid in advance for the whole year b. Insurance not paid c. Insurance paid for current month d. Insurance to be paid next year