Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b. Prepaid expense c. Accrued revenue d. Accrued expense

Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…

A: Financial Statements: Financial statements are an assortment of outline-level reports about an…

Q: Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or…

A: Fees earned but not yet received will be considered  under Accrued Revenue. Accrued revenue is a…

Q: Expenses incurred but not yet paid or recorded are called prepaid expenses. accrued expenses.…

A: Honor Code:  “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be…

Q: Making insurance payments in advance is an example of: Select one: a. An accrued receivable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…

Q: The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance,…

A: Prepaid insurance is a part of current assets that should be recognised as current asset in the…

Q: If a company fails to make an adjusting entry to record insurance expense, then equity will be…

A: Let's understand some basics An adjusting journal entry is an entry in a company's general ledger…

Q: Balance Sheet Income Statement Prepaid Insurance Insurance Expense Accrual Basis Cash Basis Accrual…

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Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: The adjusting entry for accrued expenses includes O a. a debit to an expense account.

A: First of all we have to understand the concept of accrued expenses, Accrued expenses are the…

Q: Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset…

A: The balance sheet is the financial statement and has two sides as assets and liabilities.

Q: For each item that follows, indicate whether a debit or a credit applies. increase in prepaid…

A: Prepaid insurance  Asset  Commissions earned  Revenue  Unearned revenue  Liability

Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…

A: The administrative expenses are incurred in the day-to-day operations of the company. These are…

Q: 26) Insurance premium paid in advance to insurance company is an example of: a. Accrued revenue b.…

A: Accrued revenue is the revenue where the service has been provided but the cash has not been…

Q: Insurance premium paid in advance to insurance company is an example of: a. Prepaid expense b.…

A: Solution: Insurance premium paid in advance to insurance company is an example of "Prepaid expense".…

Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credita. a revenue.b.…

A: Unearned revenue:   Unearned is recorded as current liability on the balance sheet. In this case…

Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…

A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…

Q: xpense has been incurred but not yet recorded in the book and not yet paid is called: a. Accrued…

A: Solution: Expense has been incurred but not yet recorded in the book and not yet paid is called…

Q: The adjusting entry to record accrued interest expense is: Debit Interest expense and credit…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Expenses unpaid at the end of a given accounting period is known as ___. a. Unearned revenues b.…

A: Accounting period is the time period or duration for which the books of accounts are collectively…

Q: Which of the following is an example of a prepaid expense? Please explain with full explanation. a.…

A: A prepaid expense is an asset for which we have paid in advance and for which the benefit shall be…

Q: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under accounting, there are two types of systems that can be used. Cash basis of accounting says…

Q: ash, Accounts receivable, supplies, Accounts payable, unearned service revenue, common stock,…

A: In this question, we have given some transactions which we have to post in the ledger account. A…

Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credit…… Select one:…

A: The unearned revenue is the revenue that is not earned but the cash for the same is received in…

Q: Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accruedrevenue, or…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Expense items that have been incurred but not yet recorded in the accounts are: A) unearned…

A: Revenues received in advance and not performed are called unearned revenues. Hence, option A is…

Q: Adjustment entries for prepaid expenses must include   A liability account in the credit side   An…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: In the blank space beside each adjusting entry, enter the letter of the explanation A through F that…

A: Correct match is A 5 B 6 C 2 D 4 E 1 F 3

Q: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Insurance premium paid in advance to insurance company is an example of: a. Prepaid expense b.…

A: Insurance premium is an expense for the business, payable during the period of time.

Q: EXTENDING ADJUSTED BALANCES TO THE INCOME STATEMENT ANDBALANCE SHEET COLUMNS Indicate with an “X”…

A: Introduction:- As per the above problem, we need to know rules for preparation of income statement…

Q: The entry to close the appropriate insurance account at the end of the accounting period is…

A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…

Q: Data for an adjusti entry described as " accured wages ,$2,020 " requires a A. Debit to wages…

A: Debit  Credit Wages Expense (Expense…

Q: Rent paid in advance can be categorized as a. Deferred expense (Prepaid expense) b. Accrued revenue…

A: Rent paid in advance is a prepaid expense which means this expense hasn't been accrued yet.

Q: The closing entry for an expense account would include a debit to: O The expense account and a…

A: Closing entries are used to close the temporary accounts and transfer the balance to a permanent…

Q: What is the proper classification of Prepaid Expense account? a.) Current Asset b.) Current…

A: The correct option with proper explanation are as follows. The expenses which is paid in advance is…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: 1-The amount of asset cost assigned as an expense to a particular period is called: 2-  Insurance…

A: Ans. A business need to recognise its income and expenses. There are various items which fall in…

Q: All of the following accounts are presented under liabilities, except Accrued expenses Due to…

A: Liabilities are amounts that are owed by a firm while assets are amounts that are owed to a firm.

Q: What is the liability created by receiving revenue in advance called (before it is actually earned)?…

A: Revenue receipts in     Advance is shown as unearned revenue.

Q: Identify which type of adjustme A. Rent paid in advance for us B. Cash received in advance f C.…

A: The following transactions are categorized with the appropriate answer

Q: The entry to close the Insurance Expense account at the end of the accounting period would include a…

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.