The White Boar Restaurant purchased afour-year insurance policy for $6,000 onMarch 1 and recorded it as an asset. OnJune 30 (the end of its fiscal year), theadjusting entry that should be made isInsurance expense 1,500 Prepaidinsurance 1,500No entry required.Insurance Expense 125 Prepaid Insurance125Insurance Expense 500 PrepaidInsurance 500Prepaid Insurance 500 InsuranceExpense 500

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Answered: The White Boar Restaurant purchase…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 16RE

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Using the box below, prepare Journal entries for the following transactions: 1 On 9/1/17, AFSPA received an invoice of $36,000 for the annual insurance renewal 2 On 9/15/17, cheek is written for # 1 above 3 10/1/17, the monthly amount is expensed for #1 above 4 On 1/4/18, AFSPA received an invoice from Staples in the amount of S3200 5 On 3/5/18 member pays their quarterly dental insurance premium (this is revenue to AFSPA) in the amount of S300 6 On 3/10/18 the check bounces from # 5 above 7 Record the revenue for April #5 above Date DR Account name Cr Account name Dr Cr GL. description (25 characters)
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Saved Help Save & Exit Submit TB MC Qu. 07-124 (Algo) Valley Spa purchased... Valley Spa purchased $11,200 in plumbing components from Tubman Company. Valley Spa signed a 90-day, 7% promissory note for $11,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.) Multiple Choice $11,200 $11,450 $196 $11.396 1,069 15 étv MacBook Air 80 888 DII DE F3 F4 F5 F6 F7 F8 %23 24 2 3 7 8 W E R

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