isurance Company collected a premium of $18,000 for a 1-year insurance policy on April 1. What amount should Sensible report as a current liability for Unearned Service Revenue December 31? Select one a. $4,500. b. $18,000. C. $0. d. $13,500.

isurance Company collected a premium of $18,000 for a 1-year insurance policy on April 1. What amount should Sensible report as a current liability for Unearned Service Revenue December 31? Select one a. $4,500. b. $18,000. C. $0. d. $13,500.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid...

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

Sensible Insurance Company collected a premium of $18,000 for a 1-year insurance policy on
April 1. What amount should Sensible report as a current liability for Unearned Service Revenue at
December 312
Select one:
a. $4,500.
b. $18,000.
C. $0.
d. $13,500.

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