What is the proper adjusting entry at december 31, the end of the accounting period, if the balance in the prepaid insurance account is $7,750 before adjustment, and the unexpired amount per analysis of policies is, $3,250?
a. debit insurance expense, $3,250; credit prepaid insurance, $3,250.
b. debit insurance expense, $4,500; credit prepaid insurance, $4,500.
c. debit prepaid insurance, $4,500; credit insurance expense, $4,500.
d. debit insurance expense, $7,750; credit prepaid insurance, $7,750.
e. debit cash, $7,750; credit prepaid insurance, $7,750?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “What is the proper adjusting entry at december 31, the end of the accounting period, if the balance in the prepaid insurance account is ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What matters to people is the face value of money or income. a. True b. False?
Answers (1)
Sayyid's company has launched a new product line, and he is put in charge of sales. He decides his first step will be to find potential customers in the company's sales records. Sayyid is: a. prospecting. b. screening. c. researching. d.
Answers (1)
Which of the following factors would impact a buyer's reservation price for a given good or service? Instructions: In order to receive full credit, you must make a selection for each option.
Answers (1)
Salad Daze maintains an inventory of produce worth $530. Its total bill for produce over the course of the year was $77,000. How old on average is the lettuce it serves its customers? (Use 365 days in a year. Do not round intermediate calculations.
Answers (1)
On January 1 2021 Salvatore Company leased several machines from Nola Corporation under a three year operating lease agreement. The lease calls for semiannual payments of $15,000 each payable on June 30 and December 31 of each year.
Answers (1)
New Questions in Business
Which of the statements below correctly relates Blinder's findings to the argument that the tradition of a strong chairman in the United States reduces the effectiveness of monetary policy?
Answers (1)
Cost of goods manufactured equals $65,000 for 2013. finished goods inventory is $2,000 at the beginning of the year and $5,500 at the end of the year. beginning and ending work in process for 2013 are $4,000 and $5,000, respectively.
Answers (1)
When prices rise a. the effect in the rich and poor is uncertain. b. both the rich and poor lose real income. c. the poor benefit at the expense of the rich. d. the rich benefit at the expense of the poor.
Answers (1)
For its Premium Banking Customers, Upscale Bank has an average acquisition cost of $300, Annual Revenue of $600 with an Annual Retention cost of $ 100 and a churn rate of 10%. Calculate average non-discounted CLV.
Answers (1)
Which of the following statements is true? A. In a job-costing system, average production cost is calculated for all units produced. B. In a job-costing system, overheads are allocated to all units equally. C.
Answers (1)