It is the end of January 20x1. At the beginning of January 20x1 your company entered and paid a bill from Business Insurance Associates for the annual insurance premium. A copy of the bill is below along with the asset section of the balance sheet after all the month-end closing tasks have been completed. What is wrong at January 31, 20x1? INVOICEINVOICE # V710Business Insurance AssociatesDATE: JANUARY 1, 20X1590 Main St.Payment Terms Due Upon ReceiptDallas, TX 75023TO Student Company123 Main StreetSHIP Student Company123 Main StreetTODallas, TX 75023Dallas, TX 75023214-555-1212214-555-1212UNITQTYITEM #DESCRIPTIONDISCOUNTLINE TOTALPRICE12Annual Business Insurance Coverage100$1,200Term of Policy:1/1/20x1 - 12/31/20x1SUBTOTAL$1,200ТOTAL$1,200.00THANK YOU FOR YOUR BUSINESS! Student CompanyBalance SheetAs of January 31, 20x1TotalASSETSCurrent Assets$ 7,000.001,450.004,425.001,200.00$ 14,075.00$ 14,075.00100 Checking120 Accounts Receivable130 Inventory Asset135 Prepaid InsuranceTotal Current AssetsTOTAL ASSETS

Prepaid insurance is an current asset which represents unexpired insurance expense. Companies…

It is the end of January 20x1. At the beginning of January 20x1 your company entered and paid a bill from Business Insurance Associates for the annual insurance premium. A copy of the bill is below along with the asset section of the balance sheet after all the month-end closing tasks have been completed. What is wrong at January 31, 20x1?

It is the end of January 20x1. At the beginning of January 20x1 your company entered and paid a bill from Business Insurance Associates for the annual insurance premium. A copy of the bill is below along with the asset section of the balance sheet after all the month-end closing tasks have been completed. What is wrong at January 31, 20x1?

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.4C

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