Chapter 6.4, Problem 3AYU

The entry to close the appropriate insurance account at the end of the accounting period is     a.  debit Owner’s Capital; credit Prepaid Insurance     b.  debit Prepaid Insurance; credit Owner’s Capital     c.  debit Insurance Expense; credit Owner’s Capital     d.  debit Owner’s Capital; credit Insurance Expense

explain the impact on the balance sheet and income statement, specifying which accounts are affected and whether the balance is over or understated,  if adjustments to recognize prepaid insurance as being expired and unearned revenue as being earned, are not recorded.

Which of the following accounts should not appear on the post-closing trial balance?   Select one: a. Accounts Payable b. Accounts Receivable c. Income Summary d. Office Equipment

The purpose of adjusting journal entries made at the end of the accounting cycle is to  Group of answer choices update certain accounts that need adjusting like supplies, accrued revenue, etc. adjust the cash account. None of these. make corrections.

Which of the following is most likely considered an adjusting entry? The entry to record the payment of interest payable The entry to record the collection of accounts receivable The entry to record the purchase of equipment The entry to record bad debts expense for the period

Why "A debit posting of 800 for prepaid insurance was posted to Insurance expense" will have a trial balance balanced and "A credit posting of 300 was posted to accounts payable twice" have a trial balance not balanced?

Which of the following accounts could be part of a regular journal entry, an adjusting entry,  a closing entry, and a reversing entry?    interest revenue     account receivable         depreciation expense         unearned revenue         prepaid insurance

when an account is written off using the allowance mehtod , accounts receivable  A) is unchanged and the allowance for impairment increases. B) increases and the allowance for impairment inceases. C) decreases and hte allowance for impairment increase D)decreases and hte allowance for impairment decrease

Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies expensec. Unearned revenued. Accounts receivable