Prepare a con E3-11 A partial adjusted trial balance of Frangesch Company at January 31, 2017, shows the following. FRANGESCH COMPANY Adjusted Trial Balance January 31, 2017 Debit Credit Supplies $ 850 Prepaid Insurance 2,400 Salaries and Wages Payable $ 920 750 Unearned Service Revenue 950 Supplies Expense Insurance Expense 400 Salaries and Wages Expense Service Revenue 2,900 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 pupplies was purchased in January, what was the balance in Supplies on January 1

Prepare a con E3-11 A partial adjusted trial balance of Frangesch Company at January 31, 2017, shows the following. FRANGESCH COMPANY Adjusted Trial Balance January 31, 2017 Debit Credit Supplies $ 850 Prepaid Insurance 2,400 Salaries and Wages Payable $ 920 750 Unearned Service Revenue 950 Supplies Expense Insurance Expense 400 Salaries and Wages Expense Service Revenue 2,900 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 pupplies was purchased in January, what was the balance in Supplies on January 1

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.7E

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Adjustments for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have been earned. In addition, $289,500 of fees have been earned hut not hilled to clients. What are the adjustments (a) to adjust the unearned fees account and (h) to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
On December 31, 2022, the unadjusted balance in Prepaid Insurance was $8,000. This was the amount paid in the middle of the year for a 2-year insurance policy with coverage beginning on July 1, 2022. The unadjusted balance in Insurance Expense was $1,600, which was the cost of insurance from January 1 to June 30, 2022. Prepare the adjusting journal entry that should be made at year end.
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On June 1, 2022, Superior Insurance Company collected $420,000 for a 2-year insurance policy beginning on the same date. The company has a December 31 year end. What is the balance of the unearned revenue account after adjusting entries on December 31, 2023? (Do not round any intermediary calculations. Round your final answer to the nearest dollar.) Group of answer choices $87,500 $297,500 $210,000 $122,500
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At 31 October 2019 before any year-end adjustments, a companies insurance expense had a normal balance of 3800 and its prepaid insurance account had a normal balance of 1450. It is revealed that 3000 of the 5250 total related to benefits that expired in the year 2019. The required adjusting entry is: a) debit insurance expense for 3000 b) credit prepaid insurance for 800 c) credit prepaid insurance for 1450 d) debit prepaid insurance for 800
Bieber Company paid $3,408 on June 1, 2015 for a TWO-YEAR insurance policy and recorded the entire amount as PREPAID INSURANCE. The December 31, 2015 adjusting entry is: A. Debit Insurance Expense and credit Prepaid Insurance $994. B. Debit Insurance Expense and credit Prepaid Insurance $2,414. C. Debit Prepaid Insurance and credit Insurance Expense $994. D. Debit P Debit Prepaid Insurance and credit Insurance Expense $2,414.
The balance in the Prepaid Insurance account before adjustment at the end of the year is P7,200, which represents twelve months’ Insurance purchased on December 1. The adjusting entry required on Dec. 31, 2018 is a. debit Prepaid Insurance, P7,200; credit Insurance Expense, P7,200 b. debit Insurance Expense, P600; credit Insurance Payable, P600 c. debit Insurance Expense, P6,600; credit Prepaid Insurance, P6,600 d. debit Prepaid Insurance, P600; credit Insurance Expense, P600 e. debit, Insurance Expense, P600; credit Prepaid Insurance, P600
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