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AccountingAccounting (Text Only)26th Edition

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Chapter 3, Problem 3.3BPE
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 3.1APE
Problem 3.1BPE
Problem 3.2APE
Problem 3.2BPE
Problem 3.3APE
Problem 3.3BPE
Problem 3.4APE
Problem 3.4BPE
Problem 3.5APE
Problem 3.5BPE
Problem 3.6APE
Problem 3.6BPE
Problem 3.7APE
Problem 3.7BPE
Problem 3.8APE
Problem 3.8BPE
Problem 3.9APE
Problem 3.9BPE
Problem 3.10APE
Problem 3.10BPE
Problem 3.1EX
Problem 3.2EX
Problem 3.3EX
Problem 3.4EX
Problem 3.5EX
Problem 3.6EX
Problem 3.7EX
Problem 3.8EX
Problem 3.9EX
Problem 3.10EX
Problem 3.11EX
Problem 3.12EX
Problem 3.13EX
Problem 3.14EX
Problem 3.15EX
Problem 3.16EX
Problem 3.17EX
Problem 3.18EX
Problem 3.19EX
Problem 3.20EX
Problem 3.21EX
Problem 3.22EX
Problem 3.23EX
Problem 3.24EX
Problem 3.25EX
Problem 3.26EX
Problem 3.27EX
Problem 3.28EX
Problem 3.29EX
Problem 3.1APR
Problem 3.2APR
Problem 3.3APR
Problem 3.4APR
Problem 3.5APR
Problem 3.6APR
Problem 3.1BPR
Problem 3.2BPR
Problem 3.3BPR
Problem 3.4BPR
Problem 3.5BPR
Problem 3.6BPR
Problem 1COP
Problem 3.1CP
Problem 3.2CP
Problem 3.3CP
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
79 views

Adjustment for prepaid expense

The prepaid insurance account had a beginning balance of $9,600 and was debited for $12,900 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $7,360.

To determine

Adjusting entries:

Adjusting entries refers to the entries that are made at the end of an accounting period in accordance with revenue recognition principle, and expenses recognition principle.  All adjusting entries affect at least one income statement account (revenue or expense), and one balance sheet account (asset or liability).

Rules of Debit and Credit:

Following rules are followed for debiting and crediting different accounts while they occur in business transactions:

  • Debit, all increase in assets, expenses and dividends, all decrease in liabilities, revenues and stockholders’ equities.
  • Credit, all increase in liabilities, revenues, and stockholders’ equities, all decrease in assets, expenses.

To prepare: The adjusting entry at the end of the year.

Explanation

In this case, the business recognized the insurance expense at end of the year.  So, the necessary adjusting entry that the business should record to recognize the prepaid expense is as follows:

Date Description

Post.

Ref

Debit

($)

Credit

($)

XXX Insurance expense  (1)   15,140  
  Prepaid insurance     15,140
  (To record the insurance  expense incurred at the end of the year)      

Table (1)

Working note:

Calculate the value of insurance expense at the end of the year

Insurance expense = [

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Ch-3 P-1DQCh-3 P-2DQCh-3 P-3DQCh-3 P-4DQCh-3 P-5DQCh-3 P-6DQCh-3 P-7DQCh-3 P-8DQCh-3 P-9DQCh-3 P-10DQ
Ch-3 P-3.1APECh-3 P-3.1BPECh-3 P-3.2APECh-3 P-3.2BPECh-3 P-3.3APECh-3 P-3.3BPECh-3 P-3.4APECh-3 P-3.4BPECh-3 P-3.5APECh-3 P-3.5BPECh-3 P-3.6APECh-3 P-3.6BPECh-3 P-3.7APECh-3 P-3.7BPECh-3 P-3.8APECh-3 P-3.8BPECh-3 P-3.9APECh-3 P-3.9BPECh-3 P-3.10APECh-3 P-3.10BPECh-3 P-3.1EXCh-3 P-3.2EXCh-3 P-3.3EXCh-3 P-3.4EXCh-3 P-3.5EXCh-3 P-3.6EXCh-3 P-3.7EXCh-3 P-3.8EXCh-3 P-3.9EXCh-3 P-3.10EXCh-3 P-3.11EXCh-3 P-3.12EXCh-3 P-3.13EXCh-3 P-3.14EXCh-3 P-3.15EXCh-3 P-3.16EXCh-3 P-3.17EXCh-3 P-3.18EXCh-3 P-3.19EXCh-3 P-3.20EXCh-3 P-3.21EXCh-3 P-3.22EXCh-3 P-3.23EXCh-3 P-3.24EXCh-3 P-3.25EXCh-3 P-3.26EXCh-3 P-3.27EXCh-3 P-3.28EXCh-3 P-3.29EXCh-3 P-3.1APRCh-3 P-3.2APRCh-3 P-3.3APRCh-3 P-3.4APRCh-3 P-3.5APRCh-3 P-3.6APRCh-3 P-3.1BPRCh-3 P-3.2BPRCh-3 P-3.3BPRCh-3 P-3.4BPRCh-3 P-3.5BPRCh-3 P-3.6BPRCh-3 P-1COPCh-3 P-3.1CPCh-3 P-3.2CPCh-3 P-3.3CP

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