CHAPTER 4: ADJUSTING ENTRIES AND THE WORK SHEETMason's Insurance CompanyTrial BalanceAugust 31, 20-DebitCreditAccount Name3,527Cash1,219Accounts Receivable492SuppliesPrepaid InsuranceOffice EquipmentAccounts PayableC. Mason, CapitalC. Mason, Drawing1,3623,9392,0719,0201,9003,520Commissions Earned1,695Rent Expense225Travel Expense198Utilities Expense54Miscellaneous Expense14,61114,611Check FigureNet Loss, $12Required1. Record amounts in the Trial Balance columns of the work sheet.2. Complete the work sheet by making the following adjustments and lettering eachadjustment:a. Expired or used-up insurance, $260.b. Depreciation expense on office equipment, $900.c. Supplies used, $200.LO 3, 4PROBLEM 4-2B Thetrial balance of The New Decors for the month ended September 30is as fallCLGL

Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Answered: CHAPTER 4: ADJUSTING ENTRIES AND THE…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 7SEB: ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze each situation and indicate the correct dollar...

See similar textbooks

Similar questions

Proper adjusting entry based on prepaid insurance account balance before adjustment $18650 and unexpired amounts per analysis of policies of $5990
1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance and (CR) Cash. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles 2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as P1,200.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles 3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books insurance as P21,000.. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles
1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P120,000.00 and (CR) Cash, P120,000.00 a. Transposition b.…
2. Prepare a December 31 balance sheet in proper form for Surety Insurance using the following accounts and amounts: Commissions Revenue Earned.............$40,000Accounts payable..................3,500Accounts receivable............... 5,000M. Bruno, Capital..................103,500Office equipment...................10,000Advertising expense............. 3,200Cash................................... 7,500Land......................................35,000Note payable.......................... 50,000Office supplies........................500Salaries expense....................12,000Salaries payable.....................1,000Building...............................100,000
Data for an adjusti entry described as " accured wages ,$2,020 " requires a A. Debit to wages payable and a credit to wages expense B. Debit to dividends and a credit to wages payable C. Debit to wages expense and a credit to wages payable D. Debit to Accounts receivable and a credit to wages expense
The ledger of Casper Consulting at January 31, 20X5 includes the following selectedaccounts:Prepaid insuranceSuppliesBuildingLandNotes payableUnearned service revenueDebit$3,6001,800100.00060,000Credit$90,0008,000Casper's accountant is inexperienced, and he would like your help in preparing thecompany's January 31, 20X5 financial statements. He has provided you with the following information:1. A one-year insurance policy costing $3,600 was purchased on January 1, 20X5. Atthat time the full amount was debited to prepaid insurance.2. A physical inventory count on January 31,20X5 revealed $800 in supplies were still.remaining.3. Land and building were purchased on January 1, 20X5 at a cost of $160,000. Thebuilding has an expected useful life of 20 years. The purchase was financed by paying$70,000 in cash and the balance on a 2-year, 8% note payable. Interest for the monthof January was $600 and was paid on February 1, 20X5.4. Unearned service revenue related to a client retainer paid on…
Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b. Prepaid expense c. Accrued revenue d. Accrued expense
28. Insurance premium paid in advance to insurance company is an example of: a. Prepaid expense b. Outstanding expense c. Accrued revenue d. Accrued expense
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 given
26) Insurance premium paid in advance to insurance company is an example of: a. Accrued revenue b. Accrued expense c. Prepaid expense d. Outstanding expense
Prêpare a Journal Entries for Accounts Receivables. Is not a graded question If can't the part B is : what would the year-end adjusting journal entry be given the following Allow to DA 375
The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance, should appear in the: a.Trial Balance Credit column. b.Income Statement Debit column. c.Adjusted Trial Balance Credit column. d.Balance Sheet Debit column

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

SEE MORE TEXTBOOKS